Saudi regulator approves fourth IPO this year

Saudi Arabia's stock market regulator said on Wednesday it had approved an initial public offer of shares in Arabian Contracting Services Co, an advertising firm, the fourth flotation in the kingdom this year. The Capital Market Authority (CMA) said Arabian Contracting Services Co would offer investors 16.5 million shares representing 30 percent of its capital, and some of those shares would be offered to institutional investors. The flotation will follow the already completed public placements