RIYADH: Saudi-based Arabian Plastic Industrial Co. has received approval for an initial public offering of 1 million shares on the Kingdom’s parallel market. Shares to be listed represent 20 percent of the company’s share capital. The resolution was issued by the Saudi stock market regulator Capital Market Authority in a statement on Wednesday. The Capital Market Authority’s approval shall be valid for six months from the authority’s board resolution date. It shall be deemed cancelled if the company’s offering is not completed within this period. The authority also granted Abdulaziz and Mansour Ibrahim Albabtin Co. approval to list 544,000 shares, representing 16 percent of the firm’s capital, on Nomu.