On 22 January 2012, the Board of the Capital Market Authority (”CMA”) of the KSA passed a resolution to amend the CMA Listing Rules of 4 October 2004 (“New Listing Rules”). 

The New Listing Rules provide legal framework for the listing process on the Saudi Stock Exchange/Tadawul (“SSE”), sets out conditions for registration and admission to listing, capital increase and reduction requirements for listed companies as well as continuing obligations of listed companies.

The only issuer to date to have listed its shares on the SSE under the New Listing Rules is Najran Cement Company that offered 85 million shares representing 50% of its share capital, at SAR 10 per share, for subscription (offer period closed on 22 April 2012).  The offer was oversubscribed by 306.11%.  The subscription proceeds that the offer attracted amounted to SAR 2.6 billion. 

Saudi Airlines Catering Company also proposes to list 30% of its share capital.  The offer will close on 24 June 2012, upon finalization of the book-building process.