First Avenue issues supplementary prospectus for Nomu IPO

Logo of First Avenue Real Estate Development Co.

First Avenue Real Estate Development Co. issued a supplementary prospectus related to floating 16.4 million shares in an initial public offering (IPO) on Nomu-Parallel Market.

This was driven by material events as some shareholders offloaded their ownership in the company to Makkah Construction and Development Co. (MCDC).

For More IPOs

On Sept. 2, MCDC announced it had completed the share purchase agreements with 57 shareholders of First Avenue Real Estate to acquire a 30.13% stake in the company (56.81 million ordinary shares) for SAR 340.89 million.

The ownership was transferred and reflected in First Avenue Real Estate’s shareholder register. The parties to the deal include principal shareholder, Nader bin Hassan bin Atallah Al-Amri, First Avenue Investment Co., and Dar Al-Majed Real Estate Co., data compile by Argaam showed.