Saudi Arabia's Capital Markets Authority (CMA) has approved an initial public offering (IPO) application of Dr Sulaiman Al Habib Medical Group, one of the region's biggest hospital operators.
The regulator said that the hospital operator’s prospectus will be published within sufficient time prior to the start of the subscription period.
Dr Sulaiman Al Habib Medical Services Group Company plans to list 52,5 million shares representing 15 per cent of the company's share capital.
The group, which operates hospitals and clinics in Saudi Arabia, the UAE and Bahrain, has been in talks with foreign and local banks for listing and potential advisory roles.
The CMA said that its approval shall be valid for six months and it shall be deemed cancelled if the offering and listing of the group's shares is not completed within this period.