Saudi CMA exempts listed firms, debt issuers from paying fees

Listed companies are now exempt from paying fees for one year

  
A broker monitors stock prices on a screen at the Saudi Investment Bank in Riyadh September 5, 2013. REUTERS/Faisal Al Nasser

A broker monitors stock prices on a screen at the Saudi Investment Bank in Riyadh September 5, 2013. REUTERS/Faisal Al Nasser

REUTERS/Faisal Al Nasser

Riyadh -  The Board of Commissioners of the Saudi Capital Market Authority (CMA) approved to exempt listed companies from paying the applicable fees for some transactions for one year starting as of the end of June 2020.

The exemptions include the fees paid for submission of an application to register shares, review of the share registration application, and registration of shares for requests to register and offer new shares of a class already listed through a capital increase that is executed via a rights issue or debt conversion, according to an official statement on Wednesday.

Additionally, debt instruments issuers intending to publicly offer debt instruments will continue to be exempt from paying fees upon submission of a debt instrument registration application, review of the debt instrument registration application, and registration of debt instruments. This decision is effective until the end of 2025.

The step is part of the CMA’s efforts to mitigate the economic impacts caused by the coronavirus (COVID-19) pandemic and is in line with its previously announced precautionary directives aiming to support its participants amid the current unprecedented circumstances.

Source: Mubasher

All Rights Reserved - Mubasher Info © 2005 - 2020 Provided by SyndiGate Media Inc. (Syndigate.info).

Disclaimer: The content of this article is syndicated or provided to this website from an external third party provider. We are not responsible for, and do not control, such external websites, entities, applications or media publishers. The body of the text is provided on an “as is” and “as available” basis and has not been edited in any way. Neither we nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this article. Read our full disclaimer policy here.

More From Equities