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CMA approves Theeb Car IPO application

CMA approves Theeb Car IPO application
Theeb Car Rental Company's Head Office.

Riyadh – Mubasher: The board of Saudi Arabia’s Capital Market Authority (CMA) has approved Theeb Car Rental Company's application to publically offer 12.900 million shares, or 30% of the company's share capital.

The company’s prospectus, which includes the firm’s financial statements, activities, and management, will be published prior to the start of the subscription period, according to a statement on Wednesday.

The aforementioned application approval is valid for six months effective from the CMA board resolution date.

Theeb Car was established in 1991 in Riyadh city. It has branches all over the kingdom’s main regions as well as international and domestic airports. With a fleet of more than 19,000 cars, the company has reached an eminent position in the car rental space, according to the company’s website.