28/03/2024 12:25:51

Saudi Exchange celebrates the listing of Taqat Mineral Trading Company on Nomu - Parallel Market

Riyadh, 28 March 2024: The Saudi Exchange today celebrated the listing of Taqat Mineral Trading Company, a leading player in the metal recycling industry, as it joins Nomu - Parallel Market. The listing ceremony was attended by Mr. Nasser Al-Ajaji, Chief of Listing at the Saudi Exchange and Mr. Ali Alhudaif CEO of Taqat Mineral Trading Company.

Taqat Mineral Trading Company operates as a scrap metal processing company with a wide customer base in KSA. Taqat is also involved in developing iron ore and aluminum exportation.

Nasser Al-Ajaji, Chief of Listing at the Saudi Exchange, said: “The Kingdom’s manufacturing industry has been rapidly growing, and the listing of Taqat Mineral Trading Company is a testament to the company's strong performance within this sector. As the latest company to join Nomu – Parallel Market, we are pleased by the number of small and medium-sized companies recognizing the opportunities that listing brings. We would like to congratulate the company’s management and look forward to their continued growth and contribution to the Kingdom's economic development.”

Ali Alhudaif CEO of Taqat Mineral Trading Company, said: “Today’s listing marks a new phase in our company’s long-term strategy. We have been working tirelessly to enhance our factories, optimize our operations, and expand our regional business. 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.       

Taqat Mineral Trading Company offered 2,437,500 shares at an offering price of SAR 18 per share.