Jahez says Hassana Investment to subscribe to 4.99% of group’s capital in IPO

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Jahez International Company for Information Systems Technology (Jahez) announced increasing the number of its offer size on the Parallel Market (Nomu) on the participation of Hassana Investment Co. in the subscription as a cornerstone investor to 524,589 shares of offer shares, representing 4.99% of the group’s capital.

Accordingly, the offer size will increase from 1.36 million shares (13% of the group’s capital) to 1.89 million shares (18% of capital) after obtaining the Capital Market Authority’s (CMA) approval.

Ghassab bin Mandeel, Chief Executive Officer (CEO) of Jahez, said: “We’re delighted for getting the first-of-its-kind basic investment in the Kingdom. We thank Hassana for its confidence and interest in Jahez Group as a leading, start-up Saudi firm in the Kingdom’s diversified digital economy. The company has a clear growth strategy, backed by attractive market dynamics, a strong financial position and a professional management team.”

Hassana’s investment proves the great interest and high demand of investors, as well as the continuous progress and development of the Saudi capital market.

On the other hand, Saad Al-Fadly, CEO of Hassana Investment, said that his company through its participation in Jahez IPO aims to boost its investments in a leading Saudi firm in the technology sector, driven by its optimism for this industry. Technology is one of the most attractive sectors, which will in turn contribute to increasing the investment return of the General Organization for Social Insurance (GOSI).

The CMA approved an application from Jahez to increase its offer size on Parallel Market (Nomu) to 1.89 million shares, or 18% of the group’s capital from 1.36 million shares, or 13% of the group’s capital, Argaam reported.

The IPO, which is limited to qualified investors, will run from Dec. 23 to 26.

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