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Saudi CMA nods to Boubyan Petrochemical’s associate IPO

Saudi CMA nods to Boubyan Petrochemical’s associate IPO
The prospectus will be disclosed long enough before starting the IPO of Awazel
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Mubasher: Boubyan Petrochemical said that the Saudi Capital Market Authority (CMA) approved on 21 September issuing 8.19 million of Arabian Waterproofing Industries Co.’s (Awazel) shares for the initial public offering (IPO).

This stake represents 30% of Awazel’s total shares, according to a bourse filing issued on Monday.

The shares of Awazel, in which Boubyan owns a stake of 21%, will be offered for public subscription starting from 30 October until 5 November.

Boubyan noted that the prospectus will be disclosed long enough before starting the IPO of Awazel.