Saudi Networkers Services’ offering price on Nomu set at SAR 71/share

Logo of Saudi Networkers Services Co. (SNS)

Aldukheil Financial Group, the financial advisor for the potential offering of Saudi Networkers Services Co.’s (SNS) shares on Nomu-Parallel Market, announced the final offering price for the subscription at SAR 71 per share.

Aldukheil stated that the offering will be available electronically to qualified investors, who are allowed to trade on Nomu through the lead manager, Derayah Capital.

The company intends to offer 1.5 million shares, representing 25% of its capital.

The offering period will run between July 24-28, 2022, the company added.

In early June, the Capital Market Authority (CMA) approved the company’s request to offer 25% of its capital on Nomu.

The offering will be confined to qualified investors, including the capital market institutions authorized to act on their own account, clients of a licensed capital market institution, Saudi government, any governmental body, any international entity approved by CMA or Saudi market, or any other financial market recognized by CMA or Securities Depository Center (Edaa). This is besides government-owned companies — whether directly or through private portfolio manager, GCC-based companies and funds, as well as investment funds, non-resident foreigners who are allowed to invest in Nomu and meet the requirements stipulated in the indicative guide for this category and qualified foreign financial institutions.

Qualified investors also include any other legal and natural persons who can open investment accounts inside the Kingdom and with Edaa, and who fulfill this criterion: have executed deals in securities markets at a total value of not less than SAR 40 million, and not less than 10 deals in each quarter during the past 12 months. Also, net assets value should not be less than SAR 5 million and they must be working or have worked for at least three years in the financial sector, hold both a general and professional certificate in securities trading and approved by CMA as well as an internationally-recognized body, or any other persons to be determined by CMA.

Saudi Networkers Services was founded in late 2001 in Riyadh to operate in the field of information technology (IT), offering services to different firms.

The company provides technical consultancy services in communications, IT, human resources, project management, sales and communication centers.