Saud Qahtani Auction Co. is planning to launch its initial public offering (IPO) in Nomu-Parallel Market during the third quarter of 2017 after obtaining final approval from Saudi Capital Market Authority (CMA), the company said in a statement to Argaam.
The company said it’s working with its financial advisor, Musharaka Capital, to complete all requirements relating to listing and registration on Nomu.
Meanwhile, Qahtani Auctions has inked some memorandums of understanding with a number of Saudi firms, in addition to signing major contracts with some government entities, including the General Authority of Civil Aviation (GACA) and the ministry of interior affairs, according to the company’s statement.
Under those agreements the company had auctioned Jeddah’s security base in April while the following auction will be held for Dhahran’s base this month.
“The finishing touches for the revised contract with GACA which covers 24 local airports have been made,” Fahd Al Masuadi, the company’s CEO said.
The auction company also plans to open new branches in Riyadh and Medina in 2017 and 2018 which comes in line with its future expansion plans.
Qahtani Auctions is currently working with Musharaka Capital to appoint third parties such as PwC, Bakodah & Aboulkhair Co. and Abdul Wahab Al Essa Attorney Office in order to provide financial and legal assistance in preparing for the company’s IPO.
The company has expanded its client base to include the National Water Co., El Sewedy Co., Cristal (Tasnee) and Al Yosr Co.
Al Qahtani Group was established in 1970 to buy and sell equipment, trucks, cars and all movables while cars and equipment showrooms and supporting services were launched in 1988.
In 2010, Saud Qahtani Auction Co. was established to hold and run auctions for all movables. The head office is located in Dammam in addition to the newly opened branches in Jeddah and Yanbu.
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