CMA approves ITC plan to offer 35% of shares in an IPO

12 Apr 2011

According to Reuters, Saudi Arabian stock market regulator Capital Markets Authority (CMA) has approved Riyadh-based telco Integrated Telecom Company’s (ITC) plan to offer 35% of its shares in an initial public offering (IPO) on the Saudi Stock Exchange. ITC will reportedly offer 35 million shares at SAR10 (USD2.7) per share between 2 May and 8 May; five million shares will be allocated to the General Organisation for Social Insurance. According to TeleGeography’s GlobalComms Database, ITC operates the Saudi National Fibre Network (SNFN), a 16,000km fibre-optic cable system that connects 19 major cities. The telco also operates two international landing stations in Al Khobar and Jeddah, which connect Saudi Arabia to the rest of the world via submarine cables.

Saudi Arabia, Integrated Telecom Company (ITC)