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Equity Capital Markets

In October 2004, the Capital Market Authority issued the “Listing Rules,” governing the Floatation of Companies and their Submission to the Official List in the Kingdom.

The new regulation marked a turning point in the Capital Market activities in the Kingdom, allowing for tremendous growth in the Initial Public Offering & Rights Issues market after many stagnant years.

For over twenty-four years prior to the establishment of the Capital Market Authority, AFG (through its previous entity CCFI) had been extensively engaged in company formations, conducting valuations and shares creation, managing share floatation and registration of Saudi Joint Stock Companies at the Saudi Share Registrar, which had subsequently been converted to Tadawul (The Saudi Exchange).

Equity Capital Markets Services are executed in several phases. These typically require the advisory team to interact with the Regulators, third-party advisors, and potential shareholders. The common phases include: Advisory Services, Preparation of Regulatory Requirements, Engaging and Coordinating with other advisors, Submitting to the CMA for approval and IPO/Rights Issues Floatation Management.