RIYADH: Saudi Arabia’s Capital Market Authority said on Wednesday it has approved an initial public offering of digital security firm Elm, which is owned by the Kingdom’s sovereign wealth fund, Public Investment Fund. The market regulator said it approved an application for an offering of 24 million shares, which represents 30 percent of Elm’s share capital. Elm provides secure e-business services and information technology and project support services and government project outsourcing in Saudi Arabia, according to information on its website. Companies that secure approval from the CMA have six months to launch their public share-sale. Capital reduction The CMA approved Etihad Atheeb Telecommunication Co.’s request to cut its capital, a statement on the authority’s website said. The company, also known as GO, is a fixed-line operator in the Kingdom and provides voice and broadband services. This will reduce the company’s capital to SR90 million ($24 million) from SR228.5 million. The number of shares will to about 9 million, from 22.8 million. The CMA said that this move is conditional on an approval from the company’s extraordinary general assembly, and the completion of related procedures and regulations. AMAL shares The Capital Market Authority accepted Al Masane Al Kobra Mining Co.’s request for the offering of 19.8 million shares representing 30 percent of the company’s share capital. Al Dawaa listing The authority also approve the request of Al Dawaa Medical Services Co. for an offering of 25.5 million shares, which represents 30 percent of the company’s share capital. The company’s prospectus will be publishing prior to the beginning of the subscription period. Private placement Raoom Trading Company also got approval for an offering of shares, representing 20 percent of the company’s share capital in the parallel market, Nomu. The offer will be confined to qualified investors. Direct listing The authority approved AME Company for Medical Supplies’ application for the registration of its shares for direct listing in the parallel market. Trading of these shares will be confined to qualified investors.