Saudi Exchange Celebrates the Listing of Al-Dawaa Medical Services Company on Saudi Exchange’s Main Market

Saudi Exchange Celebrates the Listing of Al-Dawaa Medical Services Company on Saudi Exchange’s Main Market

Riyadh, 14 March 2022: The Saudi Exchange today celebrated Al-Dawaa Medical Services Company (Al-Dawaa), one of the leading pharmaceutical retail companies in Saudi Arabia, as it lists on the Saudi Exchange’s Main Market. The listing ceremony was attended by Mr. Mohammed Al-Rumaih, CEO of Saudi Exchange, Mr. Samir Abdulhadi, Chairman of Al-Dawaa, and Mr. Mohammed Al-Farraj, CEO of Al-Dawaa, alongside leading board members.

Mohammed Al-Rumaih, CEO of Saudi Exchange, said, “This occasion is a special importance for the Saudi Exchange, as Al-Dawaa Medical Services Company is the first company specialized in the field of pharmaceutical retail to be listed in the Saudi Exchange, after the efforts of “ Encouraging Privet Sector to List in the Saudi Capital Market Committee” under the umbrella of the Financial Sector Development Program by overcoming obstacles to listing companies from various sectors such as the pharmaceutical retail sector, which contributes to the attractiveness of the market to investors and its ability to provide an investment environment that meets the needs of various sectors.

This listing, which is the fourth listing in the Main Market since the beginning of this year, also contributes increasing and diversifying the listed securities in the market, and enhancing investment opportunities available to investors, as Al-Dawaa Medical Services has a leading position as one of the largest retail pharmacies chain in the Kingdom, and to list in the main market will enable it achieving its ambitious plans for growth and expansion.”

“Our listing on the Saudi Exchange marks an important step in our journey. We are excited to enter a new phase of achievement, building on our success of the past 30 years. We are proud to be the first pharmaceutical company to list on the largest capital market in the MENA region. Our efforts have been amplified over the past five years to realize our vision, and our new strategy has been launched in line with the Kingdom’s Vision 2030,” said Mohammed Al-Farraj, CEO, Al-Dawaa Medical Services Company

Al-Dawaa Medical Services Company is one of the largest pharmaceutical retail companies in Saudi Arabia. The Company floated 25.5 million ordinary shares, representing 30% of its capital of SAR 850 million. The IPO order book was 78.95 times oversubscribed, and 25 times oversubscribed in the retail tranche with the final offer price set at SAR 73 per share, implying a market capitalization of SAR 6.2 billion.

Al-Dawaa was established in 1993 in Khobar, Saudi Arabia. It is now considered a leading company in the healthcare sector with an extensive network of more than 900 pharmacies spread across the Kingdom.

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