Edarat Communication issues registration document for direct listing on Nomu

Logo of Edarat Group

Edarat Co. for Communication & Information Technology (Edarat CIT) published today, Nov. 30, its registration document for direct listing on Nomu-Parallel Market.

On Nov. 28, the Capital Market Authority (CMA) approved Edarat CIT registration and listing on Nomu, Argaam earlier reported. It will be limited to qualified investors.

The company’s capital currently stands at SAR 6.3 million, divided into 630,000 shares. Edarat CIT set its price guidance at SAR 300 per share.

Al Moammar Information Systems Co. (MIS) owns 50% of Edarat Telecommunication.

The company provides the services of internet-of-things (IoT) operators. Leasing telecommunications infrastructure, system analysis, and management of telecommunications networks. It also establishes infrastructure for hosting websites on networks, and provides services for data preparation and registration for cloud computing services.

Company Profile
Company	Edarat Co. for Communication & Information Technology (Edarat CIT)
Market	Nomu Parallel Market
Core Activities	Operation of IoT networks, leasing of telecommunications infrastructure, system analysis, etc.
Status	Active
Capital	SAR 6.3 mln

Direct Listing Profile
Number of shares	630,000 shares
Share par value	SAR 10
Share price guidance upon listing	SAR 300
Method of setting share opening price	The opening price of the stock shall be set based on the supply and demand for the stock, through the pre-opening auction mechanism. During that period, investors can place buy/sell orders, after which the trading system defines the fair price at which orders are executed after being matched during the auction period. The execution price will be the opening price, with a 30% daily fluctuation ratio. The price guidance is considered a reference only for the fair market value, which is the debut price for the first day only.
Qualified investors	- Qualified investors, Current shareholders (except for major shareholders owning of 5% or more, to whom the lock-up period shall apply).

Shareholders	Before Direct Listing		After Direct Listing & Liquidity Plan
Shareholders	Number of shares (‘000)	Ownership (%)	Number of shares (‘000)	Ownership (%)
MIS	315.00	50.00%	252.00	40.00 %
Adel Fouad Rizk	105.00	16.66%	84.00	13.33 %
Erick Ernest Albadawi	105.00	16.66%	84.00	13.33 %
Ghassan Adel Alkhazen	105.00	16.66%	84.00	13.33 %
Qualified investors	--	--	126.00	20.00 %
Total	630.00	100%	630.00	100%

Additional Information
Financial Advisor	Yaqeen Capital

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