23/05/2024 14:14:16

Saudi Exchange welcomes Mohammad Hadi Al-Rasheed Company on Nomu-Parallel Market

Riyadh, 23 May 2024: The Saudi Exchange celebrated the listing of Mohammad Hadi Al-Rasheed Company, an industrial mining and manufacturing company, on Nomu – Parallel Market today. Mr. Nasser Alajaji, Chief of Listing at Saudi Exchange and Mr. Bader Al-Rasheed, CEO of Mohammed Hadi Al-Rasheed Company, attended the listing ceremony.

Established in 2000, Mohammad Hadi Al-Rasheed Company is a leading mining and manufacturing company, offering a range of services, including manufacturing and supplying industrial silica sand, granite, and asphalt concrete, contracting, and general maintenance.

Mr. Nasser Alajaji, Chief of Listing at Saudi Exchange, said: “The Saudi Exchange continues to see a robust pipeline of companies from diverse industries choosing to list, offering investors a range of opportunities to diversify their portfolio. The industrial mining and manufacturing industry stand as a valuable element of Saudi Arabia’s economy. We extend a warm welcome to Mohammed Hadi Al-Rasheed Company to Nomu – Parallel Market as a listed company.”

Mr. Bader Al-Rasheed, CEO of Mohammed Hadi Al-Rasheed Company said, "Today marks a significant milestone for us at Mohammad Hadi Al-Rasheed Company, as we become a listed company on the Saudi Exchange. With our commitment to high-quality products and services, we are well placed to contribute to the development of the Kingdom's mining and manufacturing sector. We look forward to our journey on the Nomu – Parallel Market and anticipate continued growth and development."

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 funding sources 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 to qualified investors.   

Mohammad Hadi Al-Rasheed Company offered 1,440,000 ordinary shares representing 12% of the company’s issued share capital.