Riyadh – Mubasher: The Saudi Capital Market Authority (CMA) approved the initial public offering (IPO) of 15 million shares of Arabian Contracting Services Company.

The amount represents 30% of the company’s capital, according to a bourse filing on Monday.

In a separate disclosure, the Saudi Exchange (Tadawul) announced the CMA’s approval for the IPO of Arabian Internet and Communications Services Company, a subsidiary of the Saudi Telecom Company (stc). The company will offer 24 million shares that account 20% of its capital.

Earlier this month, the CMA gave the green light for the IPO of Tanmiah Food Company.