Saudi Arabia’s stock exchange, the Tadawul, has announced a revamped corporate structure as it prepares for a much anticipated IPO, converting to a holding company called the Saudi Tadawul Group, according to reports.
The change was announced by the Tadawul Group CEO Khalid al-Hussan said on Wednesday.
According to Reuters, the Saudi Tadawul Group will have four subsidiaries: Saudi Exchange, its stock exchange business unit, Securities Clearing Center Company (Muqassa), the Securities Depository Center Company (Edaa), and innovation unit Wamid.
Al-Hussan, who was chief executive at Tadawul, becomes group chief executive of Saudi Tadawul Group.
“I’m confident that the Saudi Tadawul Group and its subsidiary companies will shape what comes next in terms of capital market development in Saudi Arabia, serving as the bridge connecting global investors and regional economies,” al-Hussan said in a press release. “The transformation provides a strong platform for the Saudi Tadawul Group’s IPO.”
Reuters reports that Mohammed al-Rumaih becomes chief executive of the Saudi Exchange, while Mohammed al-Nory has been appointed as chief of Wamid.
Reuters reported last week that the bourse invited international and local banks to pitch for roles in its flotation.
