26 Mar, 2017
Saud H. Al-Qahtani Auction Company (“Al-Qahtani”) announces the appointment of Musharaka Capital (“Musharaka”) as the financial advisor and Arranger to provide its services and assist the Company in offering their shares on Parallel (Nomu) Market.
Musharaka explained that after getting the regulatory approvals from the Capital Market Authority (“CMA”) for the IPO application, it plans to invite eligible investors to participate in the roadshow for Al- Qahtani Auction.
Al-Qahtani Group was established in 1970 to engage in the sale and purchase of equipment, and large and small cars. In 2010, Saud H. Al-Qahtani Auction Company was established to conduct public and international auctions, which has become one of the largest auction companies in the Middle East in terms of geographical spread. The Company focuses on arranging and management of public and international auctions for all movables (machinery, equipment, trucks, cars, hotels, industrial factories, transport equipment, generators, special equipment, scrap, etc.).
The company started its operations in the Eastern Province, and in 2012 the Company expanded to establish auctions in the Central and Western regions fulfilling its strategic plans to expand activity and enhance its financial performance. In 2014, the Board of Directors approved the re-organization and improvement of the Company's administrative structure, through attracting administrative and technical talents. The Company opened its first branches in the western region in Yanbuh and Jeddah in 2016, which resulted in a positive impact on the Company’s financial results.