Saudi CMA calls for consultation to allow SPAC listings on Nomu
Saudi Arabia is looking to further increase stock market listings as it continues to diversify its economy.
The Capital Market Authority (CMA) launched on Tuesday a public consultation on a draft regulatory framework that will allow businesses in the private sector to list on Nomu through Special Purpose Acquisition Companies (SPACs).
The move is expected to positively impact liquidity levels by increasing the number of public listings in Saudi Arabia.
'If the draft is approved, SPACs will be offered on the Parallel Market and subsequently listed on Nomu,' the CMA said.
The proposed draft includes requirements and regulations related to SPAC offerings. It also includes provisions that will apply to investors, as well as shareholders who may want to redeem shares after the completion of an acquisition or merger.
The consultation will run for 30 days until May 8, 2025.
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