Saudi Arabia is moving ahead with an overhaul of its listing rules, even as banks and industry bodies warn that the changes could make it harder for companies to go public.
The Capital Market Authority approved the changes this week. They include a provision that could require underwriters to purchase shares left unsold in initial public offerings.
Market participants said the regulator did little to address their concerns during a 30-day consultation. The CMA has indicated it will publish guidance that could clarify some of the remaining questions.
Sources: Bloomberg Markets.