The Saudi Capital Market Authority’s (CMA)
recently published listing rules have raised concerns around
the cost implications of some of the changes.
The new rules codify requirements to submit financial and
due diligence reports and pro forma letters to the CMA
in support of an application for listing.
"The knock-on effect of this requirement is that it is
likely to cost a company more in advisors’ fees to
ready itself for listing," said Omar Rashid, a Clifford Chance
counsel on secondment to Al-Jadaan & Partners Law Firm in
It is also unclear whether submitting financial and due
diligence reports and pro forma letters will effectively
increase the potential...