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Approval of the registration and offer of the shares of “Vadeco” and Naseej Telecom in the parallel market


Saudi Capital Market Authority has announced the issuance of a decision of the board of directors of the authority that has approved the request of the Arab Factories Company for Food and Dairy “Fadeco” to register its shares and offer 282,000 shares, or 20%, of its shares in parallel market.

The offer will be limited to the categories of qualified investors set out in the list of terms used in the regulations and rules of the Capital Market Authority and the prospectus will be published sufficiently before the start of the offer.

The Capital Market Authority also announced the approval of Naseej Communications and Information Technology Company’s request to register its shares for direct listing on the parallel market.

The authority stated that qualified investors wishing to purchase the shares offered should investigate and study the information disclosed in the prospectus. In case in who cannot understand the contents of the prospectus, it is preferable to consult a licensed financial advisor before making any investment decision.

The approval of the Authority on the application must not be seen as an endorsement of the feasibility of the investment in the offer or in the shares of the company concerned, since the decision of the Authority to accept the application involves compliance with the regulatory requirements according to capital market law and its implementing regulations.

The approval of the Authority on the application is valid for a period of 6 months from the date of the decision of the Council of the Authority, and the approval is considered canceled in the event in which the offer and listing of the company’s shares do not end during tale period.

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