Saudi Exchange Celebrates the Listing of KnowledgeNet Company on Nomu -Parallel Market
Riyadh, 20 March 2023: The Saudi Exchange today celebrated the listing of KnowledgeNet Company in Nomu – Parallel Market. The listing ceremony was attended by Mr. Sulaiman Abdulrahman Alaskar, Domestic Listing Manager at the Saudi Exchange and Mr. Mohammad Attiya, CEO of KnowledgeNet Company.
Sulaiman Alaskar, Domestic Listing Manager, said, “The listing of KnowledgeNet Company represents steady growth in the Kingdom’s financial technology and software development industry. Such listings will boost the Kingdom’s financial technology ecosystem, while driving technology innovations to improve the financial services for businesses, as well as the community. I would like to congratulate KnowledgeNet Company’s management and look forward to following their journey as a listed company.”
Mohammad Attiya, CEO of KnowledgeNet Company commented, “Becoming a listed company is an achievement for the entire KnowledgeNet group. The demand for our software and technology offerings has increased rapidly with the boost in the region’s financial technology industry. We aim to elevate and diversify our digital capabilities in the MENA region, as well as scale our operations internationally to offer tailored solutions to our clients. The listing will further propel our strong financial performance and help us contribute to the Kingdom’s technology sector in line with Vision 2030. I am grateful to the entire KnowledgeNet team for their support throughout the process, and we look forward to our new chapter as a listed company”.
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, number of shares offered and minimum number of shareholders. Nomu - Parallel Market is open only to qualified investors.
KnowledgeNet Company offered 700,000 shares, representing 20% of its total shares at the offering price of SAR 40 per share.