On Apr. 9, SAU Tad consulted on offering and listing classes of shares.
SAU Tad issued Consultation re developing draft regulatory framework for offering and listing of different classes of shares including enhancement of disclosure requirements.
Key Provisions
Regulates disclosure requirements for redeemable shares and re conversion of shares.
Develops regulatory framework for capital increases by listed companies, allow raising capital via registration and offering new class or type of shares that hasn't been listed.
Consultation also regulates increase of issued capital within authorized capital limits.
Person shall submit notification to Exchange if he has interest in 5% of voting rights.
Allows companies to issue various types or classes of shares and grant specific rights.
Set application submission for capital increase of issuers by authorized capital limit.
Added new information that must be included in disclaimer to the targeted investors on the importance of reading the prospectus prior to making an investment decision.
Debt conversion must include issuer's ownership structure pre/post capital increase and clarification of their types, classes, and number of shares for each type and class.
Added information in shareholders’ circular submitted for shares registration, offering for capital increase of company of which the shares are listed on the parallel market.
Effectiveness
Comments must be provided via Istitlaa platform within 30 days, on May 9, 2025.
