07/03/2024 15:53:01

Saudi Exchange Celebrates the Listing of Quara Finance Company on Nomu-Parallel Market

Riyadh, 07 March 2024: The Saudi Exchange today celebrated the listing of Quara Finance Company, a leading Shariah-complaint digital financing company in Saudi Arabia, as it lists on Nomu – Parallel Market. The listing ceremony was attended by Mohammed Al Rumaih, CEO of Saudi Exchange and Abdullah Al Shilash, Chairman of Quara Finance Company.

Mohammed Al-Rumaih, CEO of Saudi Exchange, said, “The listing of Quara Finance Company on Nomu - Parallel Market reinforces our continuous efforts to diversify the investment landscape and support innovative small and medium enterprises with Enabling it to be listed on the market. Quara Finance Company focuses on digital finance solutions for consumers and SMEs is a significant step in the right direction for the development of financial sector, which is rapidly evolving to meet the needs of a modern economy. We congratulate Quara Finance Company on their successful listing.”

Abdullah Al Shilash, Chairman of Quara Finance Company, said, “Our listing on Nomu – Parallel Market is a testament to our dedication in becoming the premier choice for digital financing in Saudi Arabia. Our listing paves the way for future growth, as we continue to deliver fast, reliable, and Shariah-compliant finance solutions to individuals and SMEs. On this occasion, we would like to thank our customers and stakeholders for their unwavering support, and we look forward to contributing to the Kingdom's economic growth through our innovative digital services.”

Nomu is the Saudi Exchange’s parallel equity market, which acts as an alternative platform for companies seeking to expand and go public. Nomu - Parallel Market aims to provide an opportunity for small and medium-sized companies to diversify their sources of funding and develop their businesses and activities by offering lighter listing requirements in terms of market capitalization, minimum number of shareholders, and offering percentage. Nomu - Parallel Market is open only for qualified investors.

Quara Finance Company offered 2,650,000 shares at the offering price of SAR 15 per share.