Saudi Exchange celebrates the listing of Middle East Pharmaceutical Industries Company (Avalon Pharma) on the Main Market

Riyadh, 27 February 2024: The Saudi Exchange today celebrated the listing of Middle East Pharmaceutical Industries Company “Avalon Pharma”, one of the fastest growing home-grown pharmaceutical manufacturing companies in the Kingdom of Saudi Arabia on the Main Market. Mr. Mohammed Al-Rumaih, CEO of Saudi Exchange and Mr. Mohammed AlGhannam, Board Member & CEO of Avalon Pharma, attended the listing ceremony.

Avalon Pharma, headquartered in Riyadh, Saudi Arabia, began operations in 1998 and its main business activities are the development, manufacturing, and marketing of a wide range of unique consumer health and beauty brands as well as generic prescription medicines. The Company exports its products to over 10 countries across the Middle East and North Africa and is one of the fastest growing consumer pharma companies in Saudi Arabia.

Mohammed Al-Rumaih, CEO of Saudi Exchange, said: " The Saudi capital market continues to evolve, as we welcome companies from a diverse range of sectors. We have recently seen an increase in the number of companies from the Pharma, Biotech & Life Science sector choosing to list, which was one of the highest performing sectors on the Main Market last year. We would like to congratulate the Avalon Pharma team and welcome them to the Main Market as they begin life as a listed company.”

Mohammed AlGhannam, Board Member & CEO of Avalon Pharma, said" Avalon Pharma has a strong, 25-year history of growing our manufacturing capabilities and expanding our product range to address the needs of the Kingdom and internationally. Today marks a significant milestone for us and we look forward to beginning life as a listed company. In listing on the Saudi Exchange, we are now able to capture future growth and provide an opportunity for a greater number of stakeholders to share in our success.”

Avalon Pharma offered 6,000,000 ordinary shares representing 30% of the Company’s issued share capital.

-Ends-