Saudi Arabia's CMA approves IPO application of Elma for digital security

Saudi Arabia's CMA approves IPO application of Elma for digital security ...

DUBAI, December 22 - Saudi Arabia's capital markets authority has approved a digital security firm by the government's sovereign fund (USF) on Wednesday.

The market regulator said that it approved an offer for 20 million shares, which is 30 % of Elms capital.

Reuters reported that in May 2020, Saudi Arabia has announced plans to sell shares to investors.

Elm is the complete ownership of PIF and provides reliable business and information technology services and support for projects in Saudi Arabia, according to information posted on its website.

The companies that secure approval from the CMA have six months to begin their public share-sale.

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