Logo of Edarat Group
Edarat Co. for Communication & Information Technology (Edarat CIT) published today, Nov. 30, its registration document for direct listing on Nomu-Parallel Market.
On Nov. 28, the Capital Market Authority (CMA) approved Edarat CIT registration and listing on Nomu, Argaam earlier reported. It will be limited to qualified investors.
The company’s capital currently stands at SAR 6.3 million, divided into 630,000 shares. Edarat CIT set its price guidance at SAR 300 per share.
Al Moammar Information Systems Co. (MIS) owns 50% of Edarat Telecommunication.
The company provides the services of internet-of-things (IoT) operators. Leasing telecommunications infrastructure, system analysis, and management of telecommunications networks. It also establishes infrastructure for hosting websites on networks, and provides services for data preparation and registration for cloud computing services.
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Company Profile |
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Company |
Edarat Co. for Communication & Information Technology (Edarat CIT) |
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Market |
Nomu Parallel Market |
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Core Activities |
Operation of IoT networks, leasing of telecommunications infrastructure, system analysis, etc. |
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Status |
Active |
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Capital |
SAR 6.3 mln |
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Direct Listing Profile |
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Number of shares |
630,000 shares |
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Share par value |
SAR 10 |
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Share price guidance upon listing |
SAR 300 |
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Method of setting share opening price |
The opening price of the stock shall be set based on the supply and demand for the stock, through the pre-opening auction mechanism. During that period, investors can place buy/sell orders, after which the trading system defines the fair price at which orders are executed after being matched during the auction period. The execution price will be the opening price, with a 30% daily fluctuation ratio. The price guidance is considered a reference only for the fair market value, which is the debut price for the first day only. |
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Qualified investors |
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Shareholders |
Before Direct Listing |
After Direct Listing & Liquidity Plan |
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Number of shares (‘000) |
Ownership (%) |
Number of shares (‘000) |
Ownership (%) |
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MIS |
315.00 |
50.00% |
252.00 |
40.00 % |
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Adel Fouad Rizk |
105.00 |
16.66% |
84.00 |
13.33 % |
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Erick Ernest Albadawi |
105.00 |
16.66% |
84.00 |
13.33 % |
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Ghassan Adel Alkhazen |
105.00 |
16.66% |
84.00 |
13.33 % |
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Qualified investors |
-- |
-- |
126.00 |
20.00 % |
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Total |
630.00 |
100% |
630.00 |
100% |
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Additional Information |
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Financial Advisor |
Yaqeen Capital |
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