Saudi Architecture and Engineering Design Firm (Omrania) is planning to offer shares on the Nomu Parallel Market, CNBC Arabia has reported, citing the head of BMG Capital, the financial advisor of Omrania’s planned IPO.
Omrania is a general partnership company, which according to the Saudi law, can’t be converted into a closed joint stock company. However, BMG Capital is currently in talks with the Saudi authorities to secure approval for conversion of company’s business portfolio.
Listing shares on Nomu is a primary step, he noted, adding that the company will float shares on the Saudi Stock Exchange (Tadawul) when possible.
Omrania was established in 1973, and had undertaken several projects locally and globally.