Tilal Development Company and Al Madina Real Estate and Al Madina Insurance will float an Initial Public Offering (IPO) next year. This was revealed at a press conference held on Wednesday.
“The CMA has given an initial approval for the application of Tilal Development Company for an IPO for 25 per cent and we expect to launch it next year,” said Abdul Rahman Barham, CEO of Al Madina Real Estate.
“There are also plans for Al Madina Real Estate and Al Madina Insurance to float an IPO, but these are still under review.” He also said they were unable as yet, to disclose the actual size of the issue.
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