First IT-related company starts trading in Saudi bourse

First IT-related company starts trading in Saudi bourse
Al Moammar Information Systems Company is the first IT-related entity to list and trade in the Saudi stock exchange. (AFP)
Updated 25 April 2019

First IT-related company starts trading in Saudi bourse

First IT-related company starts trading in Saudi bourse

DUBAI: Shares of Al-Moammar Information Systems Company started trading at the Saudi Stock Exchange (Tadawul) on Wednesday, the first IT-related entity in the bourse’s roster of 201 listed companies.

Al-Moammar Information Systems Company has been assigned a trading symbol of 7200. The trading symbol is used by investors and traders to transact orders.

The stock was up 2.2 percent to 47.20 riyals when trading ended Wednesday, with 2,141,707 shares changing hands.

The company held a five-day public offering last March and opened for subscription 4.8 million ordinary shares, at an offer price of 45 Saudi riyals per share, representing 30 percent of its paid-up capital.

Saudi Fransi Capital was assigned as financial advisor, lead manager, bookrunner and underwriter of the offering, while Riyad Bank, Saudi British Bank and Banque Saudi Fransi were tasked as receiving agents.