Mayar Holding names Amwal Financial advisor on potential Nomu listing

Part of agreement signing

Mayar Holding Co., a Riyadh-based closed joint-stock firm, appointed Amwal Financial as financial advisor for the company’s planned initial public offering (IPO) on Nomu-Parallel Market.

In 1999, Mayar established Gulf Elevators & Escalator Co. (GEEC) to cater to the Saudi elevator and escalator market. The company then expanded in the same industry by establishing several firms to sell and maintain elevators and escalators across the Kingdom. It also established another factory in Egypt, with further plans to expand in Africa.

Investing in the plastics industries, Mayar acquired two factories in Saudi Arabia and Egypt for semi-finished and end products. It also acquired an animal feedstock factory and established a poultry production firm.

Mayar’s strategy aims to expand in the industrial sector by establishing firms or acquiring existing leading entities in the field locally and overseas.

The planned IPO is subject to the approval of the regulatory authorities, including the Saudi Exchange (Tadawul) and the Capital Market Authority (CMA).

The step is of a great significance for the company, as it plans to become one of the region’s top industrial investment firms, especially after the success of its private placement, which took place early in 2022, to increase capital from SAR 5 billion to SAR 60 billion, stated Mayar’s Chief Executive Officer (CEO) AbdulMajed AlShaikh.

The Nomu share listing will help boost its expansion plans over the coming period, he added.

Similarly, Mayar’s planned offering underpins the company’s keenness to boost operations, bracing for a new growth phase to fulfill ambitions of both shareholders and executives, stated Amwal CEO Mahmoud Al-Sayyed.