Saudi Exchange celebrates the listing of Sure Global Technology Company on Nomu – Parallel Market

The Saudi Exchange celebrates the direct listing of Sure Global Technology Company (SURE), a leading Saudi IT company, on the Saudi Exchange’s Nomu – Parallel Market. The ceremony was attended by Mr. Mohammed Al Rumaih, CEO of Saudi Exchange and Mr. Basim Alsalloum, The Managing Director of Sure Global Technology Company, and number of their excellencies and senior executives.

Speaking on the occasion, Mohammed Al Rumaih, CEO of Saudi Exchange said, “We are delighted to welcome another IT company to the Saudi Exchange. SURE is the first direct listing to take place with a liquidity plan, as we continue to introduce alternative routes for issuers to list on the Exchange.  The Saudi capital market has become increasingly attractive among emerging markets, and we look forward to welcoming SME listings on Nomu – Parallel Market through the Exchange’s different platforms.”

“It is truly an exciting time in SURE’s history, as we embark on a new journey to realize our strategic objectives and expand our business to meet and exceed our customers’ needs. As a 16-year-old company, we constantly seek new and innovative technologies to adopt and expand our product offering, while accessing new markets; and we are confident that this listing will allow us to achieve on those ambitions.” Said Basim Alsalloum, the Managing Director of Sure Global Technology Company.

Nomu is the Saudi Exchange’s parallel equity market, which acts as an alternative platform for companies seeking to expand and go public. Nomu – Parallel Market aims to provide an opportunity for small and medium-sized companies, to diversify their sources of funding and develop their businesses and activities by offering lighter listing requirements in terms of market capitalization, percentage of shares offered, and minimum number of shareholders; and is open only to qualified investors.

SURE is planning to sell 1.284 million shares, representing around %25 of its share capital, at a guiding price of SAR 70 per share. The Direct Listing of Sure Global Tech Company by appointing a liquidity provider to meet the liquidity requirements within a maximum period of 12 months from the date of listing is the first of its kind in the region, showcasing the Saudi Exchange as a leading global market.

SURE was established in 2006 and provides solutions in the field of technology and information security, internet and intranet portals, e-government solutions system integration, and IT infrastructure systems. It has executed more than 120 IT projects for both the government and private sectors, while also providing consulting services in the field of IT and related fields.