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Business Economy


The Capital Market Authority Approves "Instructions on Issuing Depositary Receipts Out of the Kingdom"

RIYADH, Saudi Arabia, Sept. 17, 2020 /PRNewswire/ -- The Capital Market Authority (CMA) Board approved the "Instructions on Issuing Depositary Receipts Out of the Kingdom" which aim to set out the regulatory framework for the issuance of depository receipts out of the Kingdom of Saudi Arabia for shares issued in the Kingdom and listed in the Saudi Stock Exchange; or shares issued in the Kingdom and its issuer has made the necessary arrangements for listing them in the Exchange. These instructions come for the purpose of opening the Saudi financial market to foreign markets and contributing to build an advanced global financial market, in addition to providing additional financing methods for Saudi issuers whose shares are listed in the Exchange, or who have made the necessary arrangements for listing their shares in the Exchange.
These instructions enable the company (the issuer) to allocate a percentage of the company's shares for which depository receipts are issued, where such depository receipts will be offered and listed in a foreign financial market. Listed or non-listed Companies on emerging markets typically use depository receipts for the purpose of offering and listing in advanced foreign markets, as depository receipts contribute to increasing the efficiency of pricing the issuer's securities between the local and foreign markets. It is also one of the flexible methods for the issuer to offer securities in the currency of the foreign market.
In this regard, Mr. Bader Balghonaim, the CMA Deputy for Legal Affairs and Enforcement clarified that one of the key objectives of these instructions is to set out the regulatory framework for the issuance of depository receipts out the kingdom for shares of companies listed on the Saudi Stock Exchange, or shares for which necessary arrangements for listing in the Exchange have been made, which enables diversifying the investors base in the Saudi Stock Exchange to include foreign investors in those depository receipts out the kingdom, taking into consideration international best practices and standards.
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ASM Technologies Ltd announces acquisition of Semcon’s India delivery centre

30 Oct 2020 | 6:29 PM

Bengaluru, Oct 30(UNI) The ASM Technologies Limited, a global Engineering and Product R&D company, today announced its acquisition of Semcon’s offshore delivery centre in India.

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RBL Bank and Visa launch instant payouts for fintechs

RBL Bank and Visa launch instant payouts for fintechs

30 Oct 2020 | 6:17 PM

Kolkata, Oct 30 (UNI) RBL Bank today announced the launch of Visa Direct, a processing capability that facilitates instant, real-time and secure fund settlement on debit and credit cards.

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Bengaluru among top five global cities for fintech VC investment despite pandemic

30 Oct 2020 | 6:14 PM

Kolkata, Oct 30 (UNI) As coronavirus drives accelerated adoption of fintech products and services, investors are continuing to pump money into fintech companies in the UK and India.

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Wheels India Q2 net profit Rs 7 43 cr

30 Oct 2020 | 4:57 PM

Chennai Oct 30 (UNI) Auto Components Firm Wheels India
Limited today announced that it has registered a net profit
of Rs 7.43 crores for the Q2 ended September 30 as against
Rs 28.67 crore for the corresponding period last year.

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Sensex drops 135 78 pts

Sensex drops 135 78 pts

30 Oct 2020 | 4:46 PM

Mumbai, Oct 30 (UNI) The equity market remained under pressure for the third straight session on Friday as the BSE Sensex dropped by 135.78 pts to settle at 39,614.07 on heavy selling in Telecom, Auto, Bankex, Finance and FMCG stocks amid weak Asian Market.

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