RIYADH: Dammam based Gas Arabian Services will be listed on the parallel market Nomu by the end of next week, Faisal Al-Dabal, CEO of the firm, said in an interview with Asharq.
Having been a family business for 30 years, the firm aims to spend an average of 2 years on Nomu before moving to the main market, he added.
Flotation costs will go back to owners, Al-Dabal said.
“We've maintained an excellent rate in terms of distribution of profits, and our policy going forward is to maintain this and make a concerted effort to increase year after year, as if we don't use the profits for expansion, we'll reward our shareholders,” he stressed.
Headquartered in Dammam, the corporation has long-term strategic relationships with 28 international companies in the trade sector, according to the CEO.
The business got approval from the Capital Market Authority on Dec. 1, 2021.
The offering began on Jan. 23, 2022 and ended on Jan. 27.
In line with Saudi Vision 2030, the firm has also been able to localize technology by investing with foreign partners in a total of 8 local businesses that provide the same products that were previously imported from abroad.
