Armas plans launching IPO on Nomu

13/03/2017 Argaam

Dammam-based Armas Co. Ltd plans to list an initial public offering (IPO) on the Nomu parallel market and is awaiting regulatory approval, the firm said in a statement on Sunday.

 

Armas will seek qualified investors once it obtains the regulatory approvals, the statement said, adding that Musharaka Capital Company has been appointed financial advisor for the IPO.  

 

Founded 25 years ago, Armas is a holding company which manufactures building materials under various brand names.

 

The company was restructured in 2013 through several managerial, operational and financial reforms, which had a positive impact on its financial results.

 

The Nomu parallel market was launched in February this year, and has seven companies currently listed.  

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