Saudi Exchange celebrates the listing of Al Rashid Industrial Company on Nomu-Parallel Market
Riyadh, 12 September 2023: The Saudi Exchange celebrated the direct listing of Al Rashid Industrial Company, a manufacturing company with a wide range of factories in the Middle East, as it lists on Nomu - Parallel Market. The listing ceremony was attended by Mr. Nayef Saleh Al Athel, Chief of Listing at Saudi Exchange and Mr. Mohammed Abdulaziz Alrashid Alhumaid, Managing Director and CEO of Al Rashid Industrial Company.
Mr. Nayef Al Athel, Chief of Listing at Saudi Exchange, said, “The successful listing of Al Rashid Industrial Company reflects the sustained growth of the Kingdom’s manufacturing sector. At the same time, the Saudi Exchange continues to demonstrate the growth of its diversified investment options on Nomu – Parallel Market. We would like to congratulate Al Rashid Industrial’s management and look forward to following its journey as a listed company.”
Mr. Mohammed Alrashid Alhumaid, Managing Director and CEO of Al Rashid Industrial Company, commented, “Today’s listing marks a new phase in Al Rashid Industrial Company’s journey. We have been working tirelessly to enhance our factories, optimize our operations, and expand our regional business. Our successful market listing results from our team's diligence and hard work. As we embark on this new chapter as a listed company, we look forward to expanding our contribution to developing the manufacturing sector in Saudi Arabia.”
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 to qualified investors.
Al Rashid Industrial Company listed 8,000,000 shares, at a guiding price of SAR 25 per share.