SMASCO obtains approval from the Capital Market Authority to offer 30% of the company’s shares.
“Saudi Manpower Solutions Company ”Smasco“, upon the approval of the Capital Market Authority to register its shares, and to offer 120 million shares for public subscription, representing 30% of the company’s total shares.
No further details were provided, but the statement said that the SMASCO prospectus will be published “within a sufficient period of time before the start of the subscription period.”
SMASCO.. incorporation and subsidiaries
SMASCO was established in 2012 and provides solutions recruitment And HR For companies, with a fully paid capital of 100 million riyals, to be the first company licensed for workforce solutions by Ministry of Human Resources In the Kingdom of Saudi Arabia.
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In 2019, SMASCO, the Saudi Logistics Services Company, established a logistical transportation company in the Kingdom, and expanded its coverage to reach the Emirates, with the Raha Home Service entering the Emirati market at the same time.
During the year 2020, the company established 3 of its subsidiaries: Areeb, Terhab, and Romuz, and then in 2021, Sneem Company was established, in order to become an investment fund to invest in emerging projects.
The prospectus will include all the relevant information that the investor needs to know before making his investment decision, including the company’s financial statements, activities and management.
What does the Capital Market Authority’s approval to register shares mean?
The Capital Market Authority’s approval of the application should never be considered as a recommendation to participate in the offering of any specific company.
The Capital Market Authority’s approval of the request only means fulfilling the legal requirements stipulated in the Financial Market Law and its executive regulations.
The Authority’s approval of the application is valid for a period of 6 months from the date of the Authority’s Board of Directors’ decision.
The approval will be considered canceled if the offering and listing of the company’s shares is not completed within this period.
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