“Takaddam International Telecom” intends to offer 20% of its shares in the “Nomu” market

The Saudi Capital Market Authority has announced the prospectus of Taqaddam International for Communications and Information Technology, which intends to offer its shares on the “Nomu” parallel market.

Today, Sunday, the prospectus revealed that the company aims to offer 20% of its shares in the Nomu market, or the equivalent of 400,000 shares.

According to the prospectus, the subscription of the shares in offer is limited to the requirements of the rules Offering of Securities and Continuing Bonds On the categories of qualified investors, which include financial market institutions acting on their own account.

It is also limited to clients of a financial market institution authorized to carry out management activities, provided that the financial market institution has been appointed under conditions that allow it to make decisions. in on the acceptance of the participation in the offer and the investment in the parallel market on behalf of the client without the need to obtain his prior approval.

The categories of eligible investors include the Kingdom government, any government body, any international body recognized by the authority, the market, any other financial market recognized by the authority, or the depository center, as well as government-owned companies, directly or through a portfolio managed by a financial market institution authorized to carry out management activities.

The offer period starts on Sunday 12 December 2021 and lasts for 5 days, including the last day the subscription is closed, which is the end of Thursday 16 December 2021.

The prospectus indicated that applications to subscribe for the shares to be offered may be submitted to the office of the financial advisor and IPO manager, Falcom Financial Services, during the offer period to obtain more details on contact information.

The definitive assignment of the shares subject of the offer will take place no later than Tuesday 21 December 2021 and the excess will be returned within two days from the assignment date.

Taqaddam International for Communications and Information Technology was incorporated as a limited liability company in Riyadh on April 19, 2016, with a capital of 100,000 riyals divided in 100 shares in nature of equal value.

The company has decided to increase its capital to 20 million riyals, divided in 2 million shares in cash, the value of each share is 10 riyals, so the company has transformed in a joint stock company closed in November 2020.

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