Al Kathiri Holding Co.’s transition to Saudi Arabia’s main market will boost its growth and help attract more investors, CEO Mashaal Al Kathiri told Argaam in an exclusive.
The company’s stock is expected to start trading on Tadawul early next week.
“Listing on the main market will facilitate future acquisitions of high-yield firms,” Al Kathiri said, adding the company has not yet initiated talks for potential acquisitions.
The company will face no challenges upon transition from Nomu Parallel Market to Tadawul, with regard to disclosures or compliance with regulations. Since its debut on Nomu, Al Kathiri has fully complied with the market regulations, which in turn facilitates its transition to the main market.
“The planned construction technology factory will mark a qualitative shift in our sales. In the first year of operation, sales are expected to hit SAR 25 million ahead of reaching SAR 60 million in the third year of operation,” he noted.
Construction of the new plant started last week and is scheduled for completion within nine months. The facility aims to fulfill high demand for construction technology products and help the housing ministry provide high-quality, low-cost homes.
The Saudi Stock Exchange (Tadawul) has approved Al Kathiri’s request to transition its shares from the parallel market to the main market, Argaam reported.
A trading halt will be placed on the company’s shares as of today, Oct. 29, 2019, for at least five sessions to finalize the transition procedures.
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