Saudi Arabia’s Capital Markets Authority (CMA) said on Wednesday it has approved an initial public offering digital security firm Elm, which is owned by the kingdom's sovereign wealth fund, Trend reports with reference to Reuters.
The market regulator said it approved an application for an offering of 24 million shares, which represents 30% of Elm’s share capital.
Reuters was first to report in May 2020 plans by Saudi Arabia's Public Investment Fund to go ahead with a sale of shares to investors.
Elm is fully owned by the PIF and provides secure e-business services and information technology and project support services and government project outsourcing in Saudi Arabia, according to information on its website.
Companies that secure approval from the CMA have six months to launch their public share-sale.