CMA approves Bena Steel Industries’ request for 12% stake sale on Nomu

Logo of Bena Steel Industries Co.

The Capital Market Authority (CMA) approved the request of Bena Steel Industries Co. to float 600,000 shares, or 12% of its share capital, on Nomu-Parallel Market.

Subscription will be confined to qualified investors stipulated in the glossary of defined terms used in the CMA’s regulations and rules. The prospectus will be published within sufficient time prior to the start of the offering.

The CMA’s approval of the application should never be considered as a recommendation to invest in the company’s offering or shares. It merely means that the legal requirements, as per the Capital Market Law and its executive regulations, have been met.

The decision is valid for six months from the CMA’s board resolution date, and is deemed canceled if the target listing of the company’s shares is not completed within this period.

Bena steel Industries was incepted in 1993 as a coil service center. It has since grown to become the largest center for flat products and slit ferrous and non-ferrous coils in Saudi Arabia and also diversified into structural steel, plate fabrication, metal forming and tube manufacturing.

Its production capacity currently exceeds 300,000 tons annually, with an eye to soon reach 500,000 tons amid the ongoing expansion.

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