Thu Nov 17, 2022 13:25:07

Saudi Exchange celebrates the listing of Knowledge Tower Trading Co. on Nomu – Parallel Market

Riyadh, 17 November 2022: Today, the Saudi Exchange celebrated the listing of Knowledge Tower Trading Company, a wholesale distributor of stationary and office supplies, on the Saudi Exchange’s Nomu – Parallel Market. The ceremony was attended by Mr. Nayef Al Athel, Chief of Listing at Saudi Exchange and Mr. Khaled Al Dosary, Board Member of Knowledge Tower.

Speaking on the occasion, Nayef Al Athel, Chief of Listing at Saudi Exchange said, “The Saudi Exchange is delighted to welcome another listing on Nomu – Parallel Market. We aim to continue introducing market enhancements to foster the growth of the Saudi capital market while attracting companies of various sizes from a range of sectors. We are confident that the Saudi Exchange is a suitable platform for Knowledge Tower to succeed and thrive.”

The listing on the Saudi Exchange marks a new and exciting chapter for Knowledge Tower. We continuously look to innovate and expand our product range to meet the growing demands of our customers. This listing provides the necessary platform to supercharge our business strategy and diversify our revenue streams,” said Khaled Al Dosary, Board Member of Knowledge Tower.

Nomu is the Saudi Exchange’s parallel equity market, which acts as an alternative platform for companies seeking to expand and go public. Nomu 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, percentage of shares offered, and minimum number of shareholders. Nomu is open only to qualified investors.

Knowledge Tower offered 350,000 shares, representing 20% of its share capital, at an offering price of SAR 40 per share.

Knowledge Tower was established in 2011 and is based in Dammam, Saudi Arabia. It operates the wholesale distribution of education books and school curriculums stationery and office supplies and has expanded its services to provide consulting services for the development of multidisciplinary educational programs and modern educational tools.