Securities Clearing Center Company, Muqassa, one of Saudi Tadawul Group’s subsidiaries and the only authorised entity that can act as a clearing centre in the kingdom, plans to pursue partnerships with several capital markets in the region.
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Sarah Al-Suhaimi, current Chairperson of Tadawul s board of directors, will be Chairperson of Saudi Tadawul Group, andKhalid Al-Hussan will be the CEO. “Comprehensive capital market reforms are not only prudent, but essential to ensuring higher economic growth, and achieving the nation-wide goal of the successful delivery of Saudi s Vision 2030 and aligned with the strategy of the Public Investment Fund (PIF), said Al-Suhaimi in a statement.
With the new holding company, the group expects to benefit from the “integration and synergies” between the subsidiaries. “The operational independence of each subsidiary will create an agile environment supporting rapid responses to evolving market trends,” the statement added.
The Saudi Stock Exchange (Tadawul) Announces Its Transformation into A Holding Company (Saudi Tadawul Group) In Preparation for IPO
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RIYADH, Saudi Arabia, April 7, 2021 /PRNewswire/
The Saudi Stock Exchange (Tadawul) Announces Its Transformation into A Holding Company (Saudi Tadawul Group) In Preparation for IPO
Four subsidiaries under the umbrella of the new Group, focused on growth and innovation
The launch of (Saudi Exchange) a dedicated stock exchange company, and (Wamid), an applied technology solutions company aimed at strengthening the Group s capabilities in technology and innovation-based services and solutions
The transformation will reinforce Saudi Tadawul Group s position as an attractive investment destination for investors and the issuers exchange of choice
Saudi Tadawul becomes holding group; first step towards IPO
RIYADH, 5 hours, 4 minutes ago The Saudi Stock Exchange (Tadawul) has announced its transformation into a holding group structure and reinforcing its capabilities in technology innovation by launching a dedicated applied technology solutions company, Wamid. This transformation marks a new chapter in the group s history and signals its readiness for the IPO in 2021. Announcing the launch of Saudi Tadawul Group today (April 7), the Saudi bourse said it will become the parent company with a portfolio of four subsidiaries: Saudi Exchange, a dedicated bourse business (previously known as the Saudi Stock Exchange Company - Tadawul), the Securities Clearing Center Company (Muqassa), the Securities Depository Center Company (Edaa) and Wamid – a new innovative applied technology services business, focused on providing innovation and nascent technologies within the Saudi economy through pragmatic innovation.