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RIYADH: Saudi Tadawul Group, the holding company behind the Kingdom’s stock exchange, on Wednesday announced it has appointed NCB Capital, JP Morgan, and Citigroup as financial advisors and global coordinators for its initial public offering (IPO) planned for later this year. “The IPO will provide an important strategic dimension to realize the group’s expansion plans, strengthen its position globally, and align its growth objectives with the Public Investment Fund’s strategy to boost the economic transformation of Saudi Arabia,” the Saudi Tadawul Group said in a press statement. Earlier this month, the Tadawul stock exchange announced it had become a holding company under the name Saudi Tadawul Group, with four subsidiaries. The four new Saudi Tadawul Group companies are Saudi Exchange (Tadawul), Securities Clearing Center Co. (Muqassa), Securities Depository Center Co. (Edaa) and a new company, Wamid.

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