Qualified investors begin subscription to 25% of Saudi Networkers Services’ shares

Logo of Saudi Networkers Services Co. (SNS)

Qualified investors will start today, July 24, subscribing to 1.5 million shares, representing 25% of the Saudi Networkers Services’ (SNS) share capital, which will be listed on the Nomu-Parallel Market at an offer price of SAR 71 per share. The subscription period will run for five days, including Thursday, July 28, the last subscription day.

Aldukheil Financial Group, the company’s financial advisor, stated that qualified investors can subscribe to a maximum of 294,000 shares and a minimum of 10 shares. The subscription will be available electronically to qualified investors who can trade in the parallel market via the subscription investment account with Derayah Financial Co., the lead manager, only. Qualified investors willing to subscribe to the offering shares shall ensure that they can trade on the parallel market through their investment portfolios with Derayah Financial Co.

Aldukheil Financial Group, the financial advisor, noted that the offering will be confined to qualified investors defined as follows:

- Capital Market Institutions acting for their own account.

ADVERTISING 

- Clients of a capital market institution authorized by the authority to conduct managing activities provided that this capital market institution has been appointed as an investment manager on terms, which enable it to make decisions concerning the acceptance of an offer and investment in the Parallel Market on the client’s behalf without obtaining prior approval from the client.

- The Government of the Kingdom, any government body, any supranational authority recognized by the Authority or the Exchange, and any other stock exchange recognized by the Authority or the Depository Center.

- Government-owned companies, either directly or through a portfolio managed by a Capital Market Institution authorized to carry out managing activities.

- Companies and funds established in a member state of the Cooperation Council for the Arab States of the Gulf.

- Investment Funds.

- Non-resident foreigners permitted to invest in the parallel market, who meet the requirements stipulated in the guidance note for the investment of non-resident foreigners of the parallel market.

- Qualified foreign financial institutions.

- Any other legal persons allowed to open an investment account in the Kingdom and an account at the Securities Depository Center (Edaa).

- Natural persons are allowed to open an investment account in the Kingdom and an account at the depositary center. They need tofulfil any of the following criteria:

1. Conducted transactions in security markets of not less than SAR 40 million in total, and not less than 10 transactions in each quarter during the last 12 months.

2. net assets are not less than SAR 5 million.

3. works or has worked for at least three years in the financial sector.

4. holds the General Securities Qualification Certificate, which is recognized by the authority.

5. holds professional certificate that is related to securities business and accredited by an internationally recognized entity.

- Any other persons prescribed by the authority.

For more information and details related to subscription, refer to the prospectus published on the electronic sites of Saudi Networkers Co. (www.saudinetworkers.com), Aldukheil Financial Group (www.aldukheil.com.sa), Capital Market Authority (www.cma.org.sa), or Saudi Exchange Co. (www.saudiexchange.sa).

For More IPOs