Over 1 million pilgrims benefit from golf cart service at Grand Mosque during Ramadan    Visitors welcomed with Eid initiative at Thee Ain Heritage Village in Al-Baha    Tebuk emir reviews rain response in Tayma    Saudi Arabia considers rent cap as part of major real estate reforms    Messi's bodyguard banned from touchline at Inter Miami games    Screen time in bed linked to insomnia, study finds    Le Pen vows to appeal political ban, calls verdict a 'denial of democracy'    Death toll from Myanmar earthquake rises to 2,719 as rescue efforts continue    Russia, Ukraine trade blame over new energy strikes    Putin orders Russia's largest military call-up in over a decade    Albania hosts MWL chief for Eid sermon at largest mosque in the Balkans    Haramain High-Speed Railway transports over 1.2 million passengers during Ramadan    Saudi Transport Authority says passengers can ride for free if taxi meters are off    Ministry of Education forms 425 community partnerships with SR653 million impact    Mexico bans junk food in schools to fight childhood obesity epidemic    Sweet sales surge ahead of Eid as Saudi chocolate imports top 123 million kg in 2024    Saudi creatives shine at Jeddah's Fawanees Nights with art, fashion, and storytelling    T1 CEO confirms Gumayusi's return for LCK Spring after lineup shakeup    100 Thieves claim Marvel Rivals Invitational NA crown as 2025 scene heats up    Bollywood actress vindicated over boyfriend's death after media hounding    Saudi Arabia hold Japan to goalless draw in Saitama to stay in World Cup hunt    Grand Mufti rules against posting prayers and preaching in mosques on social media    King Salman prays for peace and stability for Palestinians in Ramadan message King reaffirms Saudi Arabia's commitment to serving the Two Holy Mosques and pilgrims    Bollywood star Saif Ali Khan 'out of danger' after attack at home in Mumbai    Exotic Taif Roses Simulation Performed at Taif Rose Festival    Asian shares mixed Tuesday    Weather Forecast for Tuesday    Saudi Tourism Authority Participates in Arabian Travel Market Exhibition in Dubai    Minister of Industry Announces 50 Investment Opportunities Worth over SAR 96 Billion in Machinery, Equipment Sector    HRH Crown Prince Offers Condolences to Crown Prince of Kuwait on Death of Sheikh Fawaz Salman Abdullah Al-Ali Al-Malek Al-Sabah    HRH Crown Prince Congratulates Santiago Peña on Winning Presidential Election in Paraguay    SDAIA Launches 1st Phase of 'Elevate Program' to Train 1,000 Women on Data, AI    41 Saudi Citizens and 171 Others from Brotherly and Friendly Countries Arrive in Saudi Arabia from Sudan    Saudi Arabia Hosts 1st Meeting of Arab Authorities Controlling Medicines    General Directorate of Narcotics Control Foils Attempt to Smuggle over 5 Million Amphetamine Pills    NAVI Javelins Crowned as Champions of Women's Counter-Strike: Global Offensive (CS:GO) Competitions    Saudi Karate Team Wins Four Medals in World Youth League Championship    Third Edition of FIFA Forward Program Kicks off in Riyadh    Evacuated from Sudan, 187 Nationals from Several Countries Arrive in Jeddah    SPA Documents Thajjud Prayer at Prophet's Mosque in Madinah    SFDA Recommends to Test Blood Sugar at Home Two or Three Hours after Meals    SFDA Offers Various Recommendations for Safe Food Frying    SFDA Provides Five Tips for Using Home Blood Pressure Monitor    SFDA: Instant Soup Contains Large Amounts of Salt    Mawani: New shipping service to connect Jubail Commercial Port to 11 global ports    Custodian of the Two Holy Mosques Delivers Speech to Pilgrims, Citizens, Residents and Muslims around the World    Sheikh Al-Issa in Arafah's Sermon: Allaah Blessed You by Making It Easy for You to Carry out This Obligation. Thus, Ensure Following the Guidance of Your Prophet    Custodian of the Two Holy Mosques addresses citizens and all Muslims on the occasion of the Holy month of Ramadan    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



CMA seeks public opinion on Second Market Listing Rules
Published in The Saudi Gazette on 06 - 11 - 2016

The Saudi Capital Market Authority (CMA) published released a draft of the Second Market Listing Rules on its website and the Saudi Stock Exchange (Tadawul) website last Nov. 3. This step aims to receive views from specialists, interested stakeholders and the public regarding these draft Rules. Comments will continue to be received until Nov. 14, 2016 through CMA›s official channels.
CMA pointed out that it will take into account all suggestions and comments received in relation to the draft Rules, as part of its commitment to grant specialists and interested stakeholders the opportunity to express their viewpoints and suggestions which will reflect positively on the capital market development.
Further, the second market – which will start listing companies in line with these rules after its approval in its final version – is in line with the Kingdom›s 2030 vision that is based on three basic aspects, including the endeavor to make the Kingdom a leading investment power. It is also consistent with the objectives of CMA strategic plan, which was entered into force as of early 2015 and will continue until 2019. CMA's strategic plan includes a number of themes and initiatives, which include developing the capital market through deepening it in order to strengthen its role in supporting national economy.
The second market will be an opportunity for national companies of different categories to be listed in, and thus obtaining funding from the financial market, as well as the possibility of expanding its activity and sustaining its businesses.
The draft Rules consist of 29 articles and 7 Annexes, which includes conditions for registration and listing in the second market less than those required from companies aiming to list in the main market.
In details, the draft Rules conditioned companies wishing to be listed in the second market that the number of public shareholders should not be less than (50) shareholders, and the ownership of the public within the requested type of share should not be less than (20%) at the time of listing. Further, the CMA may allow for a lower percentage or lower number of shareholders if deemed appropriate. Also, the expected aggregate market value, at the date of listing, of all shares to be listed must be at least SR10 million.
The current main market requirements in this aspect require that the number of public shareholders should not be less than 200 shareholders, and that the public ownership of the required share type should not be less than 30%.
CMA also indicated that the Corporate Governance Regulations issued by the CMA is a guidance for companies listed in the second market.
Among the requirements contained in the draft Rules and highlights the difference in the listing conditions is that any company wishing to join the second market must have at least one year of operational and financial performance. Also, the company must have prepared its audited financial statements covering at least the preceding financial year which were prepared in accordance with the accounting standards approved by SOCPA.
The specialists, interested stakeholders and the public can send their comments and observations through the following channels:
Email ([email protected]);
Fax number (+966114906460); or
Mail address (P.O. Box 87171 Riyadh 11642, CMA Deputy for Legal Affairs and Enforcement – Laws and Regulations Department).
The draft Rules can be viewed on CMA's website via the following link: Draft second market listing rules — SG


Clic here to read the story from its source.