RIYADH: Kinan International Real Estate Development Company, advised by Saudi Fransi Capital, has postponed its planned Initial Public Offering on the Parallel Market (Nomu) due to recent developments.
The company had received approval from the Capital Market Authority (CMA) to offer 3.6 million shares, or 3% of its share capital, to Qualified Investors for a period of five days starting from February 25, 2024.
However, the company decided to publish a supplementary prospectus with updated information and reschedule the offering to a later date. The CMA’s approval for the IPO is valid until June 20, 2024.