Thob Al-Aseel to debut on Nomu today

Thob Al-Aseel Co. will start trading shares on the Nomu Parallel Market as of today, Thursday, June 15, 2017, under the symbol 9507, according to the Saudi Stock Exchange (Tadawul).

The stock’s fluctuation rate was set at 20 percent.

This is the eighth company listing on Nomu Parallel Market, after Raydan Restaurants and Cuisines Co., Arab Sea Information Systems Co., Baazeem Trading Co., Al-Omran Industries & Trading Co., Abdulla Saad Abo Moati For Bookstore Co., Food Development Co., Al-Samaani Factory for Metal Industries Co.

The company offered 20 percent of share capital, or three million shares, in the IPO that started on May 7.

Subscription closed on Thursday, May 18.  A total of 204 subscribers bought three million shares at SAR 85 each, totalling SAR 383.3 million.

Thob Al-Aseel obtained approval from the Capital Market Authority (CMA) in April to increase the number of offered shares from 1 million to 3 million, following its move to hike capital from SAR 50 million to SAR 150 million.

The company generated net profit of SAR 74.45 million during the period from January 1 – September 4, 2016.

Earlier this year, the clothing manufacturer merged with Al-Jedaie Group.  Financial impact will appear on the first earnings statements issued by the company, chairman Faisal Al-Jedaie said.

Thob Al-Aseel, which was set up 30 years ago, was converted into a closed shareholding company in Sept. 2016. It manufactures ready-made, wholesale and retail garments.