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Saudi Arabian regulator approves Al Yamamah Steel IPO

Saudi Arabia's Capital Market Authority said March 28 thatit has approved Al Yamamah Steel Industries Co.'s IPO of 15,245,000 shares,representing 30% of the company's share capital, a portion of which will beallocated to institutional investors.

The steelmaker's shares will be offered in the periodbetween April 27 and May 3, once the book-building process is complete.The company's prospectus will be published prior to the start of thesubscription period, the statement said.

The IPO of Yamamah, which produces steel tubes, pipes andother products with plants in Jeddah, Dammam and Yanbu, was delayed fromearlier this year due to volatility in the country's stock market in the wakeof low oil prices, Reuters reported. Stocks have regained some of their valuein the last few weeks, allowing listing activity to resume, the report added.