Al-Baha board recommends subsidiary Elegant Centers IPO for Nomu listing

22/05/2022 Argaam

Logo of Al-Baha Investment and Development Co.

Al-Baha Investment and Development Co.’s board of directors recommended floating the company’s 86.96% subsidiary, Elegant Centers Ltd. Co., in an initial public offering (IPO) on Nomu-Parallel Market.

 

Elegant Centers owns, operates and manages central markets and commercial complexes, the company said in a bourse statement.

 

The company will appoint a financial advisor for the offering process on Nomu, in accordance with the applicable registration and listing rules, the statement added.

 

The move is part of the company’s plans to urge and push its subsidiary company to list its shares in the capital market, which has a positive impact on shareholders' rights and the company's financial position, the Saudi-listed firm said.

 

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