Saudi Bourse Converts into Holding Company ahead of IPO this Year

SourceAsharq AL-awsat
SectorFinancial Markets
CountrySaudi Arabia

Saudi Arabia’s stock exchange has converted itself into a holding company and will be renamed Saudi Tadawul Group ahead of its initial public offering (IPO) this year, Group CEO Khalid al-Hussan said on Wednesday. Saudi Tadawul Group will have four subsidiaries: Saudi Exchange, its stock exchange business unit, Securities Clearing Center Company (Muqassa), the Securities Depository Center Company (Edaa), and innovation unit Wamid. Al-Hussan, who was chief executive at Tadawul, becomes group chief executive of Saudi Tadawul Group. “I’m confident that the Saudi Tadawul Group and its subsidiary companies will shape what comes next in terms of capital market development in Saudi Arabia, serving as the bridge connecting global investors and regional economies,” al-Hussan said in the press release. “The transformation provides a strong platform for the Saudi Tadawul Group’s IPO.” Mohammed al-Rumaih becomes chief executive of the Saudi Exchange. Mohammed al-Nory has been appointed as chief of Wamid. Companies listed on Tadawul have a combined market capitalization of $2.5 trillion, making it the more...