Saudi Exchange Celebrates Listing of Arabian Food and Dairy Factories Company on Nomu – Parallel Market
Riyadh, 12 June 2022: Saudi Exchange today celebrated the listing of Arabian Food and Dairy Factories Company (FADECO) on the Saudi Exchange’s Nomu – Parallel Market. The ceremony was attended by Mr. Mohammed Al Rumaih, CEO of Saudi Exchange, Mr. Khalid Al-Gahtani, Chairman of Arabian Food and Dairy Factories Company, and number of their excellences and senior executives.
Commenting on the listing, Mr. Mohammed Al Rumaih, CEO of Saudi Exchange, said, “Saudi Exchange continues to witness strong listings activity on both the Main Market and Nomu – Parallel Market, reflecting the confidence of issuers and investors in the Saudi capital market. The listing of Arabian Food and Dairy Factories Company represents another successful listing for us as we look to diversify the range of investment opportunities for our stakeholders, and position Saudi Exchange as a leading stock exchange globally. We congratulate FADECO’s management on this significant milestone and look forward to seeing their progress over the coming years.”
“We are delighted to start a new journey with our listing on Nomu – Parallel Market,” said Mr. Khalid Al-Gahtani, Chairman of Arabian Food and Dairy Factories Company, “Building on our strengths as a leading food manufacturing company in the Eastern Province, the listing will allow us to expand our reach beyond Dammam and grow a strong presence across the Kingdom whilst reaching more people. We are thankful to our investors, partners and employees for their support leading up to this important milestone.”
Nomu is the Saudi Exchange’s parallel 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, number of shares offered and minimum number of shareholders. Nomu is open only to qualified investors.
Arabian Food and Dairy Factories Company lists 282,000 shares, representing 20% of its share capital, at the offering price of SAR 71 per share.