(MENAFN - Arab News) Capital Market Authority (CMA) Chairman Abdulrahman Al-Tuwaijri says the authority is keen to attract more companies from Saudi Arabia to the financial market.
The CMA believes a large number of companies can still join the market, boosting the national economy, the chairman said in his opening speech at the Financial Market Corporation Forum in Riyadh.
He highlighted the important role of the financial market in promoting investments and said commission continued to provide sufficient flexibility in its rules and regulations to accommodate more securities and a wide range of financial products. He said six new companies joined the market last year.
He said joint stock companies should commit themselves to systems, regulations and financial procedures to be listed on the market.
Al-Tuwaijri pointed out that the procedures and statutory requirements are not restrictions imposed on the companies. In fact, they protect the interest of all shareholders and stakeholders, he said.
He studies conducted by the commission recently showed that the joint stock companies that are committed to applying the highest degree of disclosure and corporate governance standards are successful in gaining investor confidence.
He said the Capital Market Authority is striving to ensure fairness and transparency in the financial market.
Al-Tuwaijri also honored corporate sponsors of the forum with commemorative shields.
The forum witnessed the establishment of three sessions dealing with the experience of family businesses and the process of turning companies into a public joint stock companies.