JEDDAH, Saudi Arabia, Nov 11 (Reuters) - Saudi Arabia's
Capital Market Authority is allowing subscription rights for
share offers to be listed and traded on the Saudi stock market,
as it modernises the market in preparation to permit the entry
of foreign investors.
"This framework aims to add further protection and
flexibility to those investors that do not have the intention to
subscribe to their entitlements," the regulator said in a
statement announcing the initiative on Sunday.
Abdulhamid abu Dahesh, a Saudi financial advisor, said the
new framework was similar to those in developed European stock
markets, and was a step towards trading practices in advanced
financial systems.
Saudi Arabia has been making preparations to open its stock
market, the Arab world's largest, to direct investment by
foreign institutions but has not yet announced a date for the
reform, apparently because it is concerned about the possibility
of destabilising the market.
(Reporting by Asma Alsharif; Editing by Andrew Torchia)
Source: http://news.yahoo.com/saudi-arabia-allows-rights-trade-stock-market-150656597--business.html
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