Riyadh-based Samnan Trading and Maintenance Co. has appointed Alawwal Invest as financial advisor for its initial public offering (IPO) on the Saudi Stock Exchange Tadawul.

 

The company, which operates in water treatment systems and water pumps, expects to see higher earnings, investment growth and expansion, Arriyadh newspaper reported, citing Abdulrahman bin Abdulaziz bin Sulaiman chief executive officer of Samnan Trading.

 

Samnan in 2011 was converted from a holding company into a SAR 200 million joint stock company.

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