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Thu 31 Dec 2015 12:57 PM

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Saudi market regulator approves Middle East Healthcare Co float

Middle East Healthcare Co will offer 30 percent of itself in its initial share sale

Saudi market regulator approves Middle East Healthcare Co float
(Getty Images)

Saudi Arabia's Capital Market Authority said on Wednesday it had approved a stock exchange flotation for Middle East Healthcare Company.

Middle East Healthcare Co will offer 30 percent of itself in its initial share sale, equivalent to 27.6 million shares, which will be marketed to institutional investors and then to the public. The latter phase will run between Feb. 3-9, according to a statement posted on the bourse.

The statement did not provide any details on the company. The price of the share sale will be set using a bookbuild process, where the price of shares is determined using feedback from investors instead of fixing a price at the beginning of the offering.

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