Mon Nov 29, 2021 12:59:58

Saudi Exchange Celebrates Listing of Group Five Pipe Saudi Co on Nomu – Parallel Market

Riyadh, 29 November 2021: The Saudi Exchange today welcomed the listing of Group Five Pipe Saudi Co. (G5PS) on Nomu – Parallel Market. The listing ceremony was attended by Mr. Mohammed Al Rumaih, CEO of Saudi Exchange, Mr. Tariq Alqahtani, Chairman of Group Five Pipe Saudi Co, and other members from the board of directors.

Marking the occasion, Mohammed Al Rumaih, CEO of Saudi Exchange said, “We are pleased to welcome yet another successful listing on Nomu-Parallel Market. G5PS addition increases the diversity of issuers on the Exchange, and ultimately strengthens our investment offering to local and international investors. As one of the most active and attractive markets for raising capital amongst its emerging market peers, I am confident that this listing will support the growth of the company and allow it to continue delivering solutions, as one of the leading pipe manufacturers in Saudi Arabia.

In alignment with the Financial Sector Development Program, Saudi Exchange is committed to working alongside the Capital Market Authority and related authorities to improve procedures and simplify requirements for companies looking to list in the Saudi Capital Market. This builds on the Exchange’s vision to elevate its position locally, regionally, and internationally, as a lucrative destination for investors and issuers.

Nomu is the Saudi Exchange’s parallel equity market, which acts as an alternative platform for companies seeking to expand and go public. Nomu offers lighter listing requirements in terms of market capitalization, number of shares offered and minimum number of shareholders, and is open only to qualified investors. Nomu - Parallel Market aims to provide an opportunity for small and medium-sized companies to diversify their sources of funding, develop their businesses and activities.

G5PS is a leading spiral pipe provider in the Middle East with headquarters in the Kingdom of Saudi Arabia. The company has more than 19 years of experience working on major projects across Saudi Arabia and the wider Middle East. G5PS will be issuing 2,800,000 shares representing 10% of the company’s shares. The issued shares were set at an offering price of SAR 35 per share.