Saudi Exchange celebrates the listing of Al-Modawat Specialized Medical Company on Nomu - Parallel Market

Riyadh, 25 February 2024: The Saudi Exchange today celebrated the listing of Al-Modawat Specialized Medical Company, a leading company in the field of health care solutions in the Kingdom, as it joins Nomu - Parallel Market. The listing ceremony was attended by Mr. Mohammed Al-Rumaih, CEO of Saudi Exchange and Mr. Abdullah Alyahya Chairman of Al-Modawat Specialized Medical Company.

Al-Modawat Specialized Medical Company is a leading health care company that offers medical treatments, day surgery centers, and pharmacy and drug stores. The company aims to provide comprehensive, high-quality medical services that adhere to international medical standards.

Mohammed Al-Rumaih, CEO of Saudi Exchange, said: “The Kingdom’s health care sector has been rapidly growing, and the listing of Al-Modawat Specialized Medical Company is a testament to the company's strong performance within this sector. We are encouraged by the continued progress in the diversification of Nomu – Parallel market and the recognition by small and medium-sized companies of the benefits of listing. We would like to congratulate the company’s management and look forward to their continued growth and contribution to the Kingdom's economic development."

Abdullah Alyahya, Chairman of Al-Modawat Specialized Medical Company, said: “Today’s listing marks a new phase in our company’s long-term strategy. We are strategically positioned to realize our ambition of becoming a leading health care organization, while providing patients with cost-effective, high-quality services. As a listed company, we will remain dedicated to generating value for our stakeholders by exploring new opportunities to foster innovation and ensure long-term sustainable growth.”

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.       

Al-Modawat Specialized Medical Company offered 2,375,000 shares at an offering price of SAR 111 per share.

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