Saudi Exchange Celebrates listing of Al Hasoob Trading Co. on Nomu Parallel Market
Riyadh, 4 November 2021: The Saudi Exchange and Al Hasoob Company, today celebrated the listing of Al Hasoob on Nomu – Parallel Market. Al Hasoob Co. is a leading technology provider in Saudi Arabia. The ceremony was attended by Mr. Mohammed Al Rumaih, CEO of Saudi Exchange, Eng. Hamad Alluhaydan, Chairman of Al Hasoob Company, and other members from the board of directors.
Marking the occasion, Mohammed Al Rumaih CEO of Saudi Exchange said: “I am delighted to welcome Al Hasoob Co. to the Saudi Exchange, as it represents the tenth listing on the Nomu - Parallel Market this year. The increase in listings that we have witnessed over the year serves as testament to the Saudi capital market's attractiveness, and the development of the private sector under Vision 2030.”
In alignment with the Financial Sector Development Program, Saudi Exchange is committed to working alongside the Capital Market Authority 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 opened 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.
Founded in 1999, Al-Hasoob provides integrated solutions and services in the field of wholesale, retail and computer maintenance in Saudi Arabia. Al Hasoob company will be issuing 280,000 shares representing 20% of the company’s share capital. The issued shares were set at an offering price of SAR 95.