Saudi regulator in trading move

18/09/2014 10:55 AST

RIYADH: Saudi Arabia's securities market regulator said yesterday that it would permit off-market trading of shares in companies which had been suspended or delisted from the stock exchange.

The Capital Market Authority (CMA) has issued rules covering such trade and will immediately start receiving applications from companies to conduct it, the authority said in a statement on the exchange's website.

Partly in order to prepare the stock market for its opening to direct foreign investment early next year, the CMA has been tightening its supervision of the market.

The latest rules appear designed to help shareholders realise some value from companies caught in the crackdown.

In July, new rules took effect compelling firms with losses totalling 50 per cent of their capital to announce plans to remedy their financial standing, and imposing penalties such as share suspensions on firms with bigger losses.

Early this month, the CMA said it was suspending trade in shares of Sanad Co-operative Insurance and Reinsurance Company while the company carried out instructions by the central bank to strengthen its business.

Turki Fadaak, head of research at Al Bilad Investment, said over-the-counter trading of shares had not previously occurred in Saudi Arabia, and that the CMA's new rules might currently allow this to happen in four or five companies.


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