Saud Qahtani Auction appoints first board of directors

Saud Qahtani Auction Co.’s general assembly has appointed its first board of directors for a five-year term, approved the company’s articles of association and the capital structure of SAR 20 million.

The board consists of Saudi Al-Qahtani, Faleh Al-Qahtani Saeid Saud Al-Qahtani, Fahad Al-Masoudi, Mohammed Hassan Al-Dossari, and Melhim Al-Qahtani.

The company signed an agreement with Elite Computer Solutions Co. for an enterprise resource planning (ERP) system, the company said in a statement.

Al-Qahtani has been awarded a contract by the National Water Co. to organize and manage its public auctions in 2017 and two years after.

The auction company signed a memorandum of understanding (MoU) with Al-Arz International Group to organize real estate auctions worth over SAR 500 million in the Western region.

This move comes as part of the company’s expansion plans to add real estate auctions to its list of activities.

Saud Qahtani Auction has appointed Musharaka Capital as a financial advisor for its initial public offering (IPO) on the Nomu parallel market, after obtaining the Capital Market Authority’s (CMA) final approval, Argaam previously reported.