CMA Approves SMASCO IPO Registration 

The Capital Market Authority (CMA) has greenlit the registration and initial public offering (IPO) of Saudi Manpower Solutions Company (SMASCO), marking a significant development in the country’s financial landscape. 

In a resolution dated 01/09/1445H corresponding to 11/03/2023G, the CMA Board approved SMASCO’s application for the offering of 120,000,000 shares, representing 30% of the company’s share capital. The forthcoming prospectus, to be published ahead of the subscription period, will furnish potential investors with comprehensive insights into SMASCO’s financial position, activities, and management structure. 

It’s emphasized that a thorough perusal of the prospectus is paramount before making any investment decision. The document encompasses crucial information enabling investors to gauge the company’s standing, the particulars of the offering, and associated risk factors. Investors are strongly advised to seek guidance from authorized financial advisors if any aspect of the prospectus poses difficulty in comprehension. 

Importantly, the CMA’s approval of the application should not be construed as an endorsement or recommendation to subscribe to SMASCO’s offering. Rather, it signifies compliance with legal requirements under the Capital Market Law and its Implementing Regulations. 

The CMA’s approval remains valid for six months from the date of the Board’s resolution. Failure to complete the offering and listing of SMASCO’s shares within this timeframe will result in the automatic cancellation of the approval.