Tharwah, a Saudi human resources company, intends to fund its expansion plans with the expected SR50 million ($13 million) raised from its Nomu listing, according to its CEO.
The company intends to use more than 80 percent of the revenues to support its horizontal and vertical expansion in the Gulf, according to Abdullah Al-Zahrani, who made this explanation in an interview with CNBC. He also mentioned that the company recently built offices in the UAE and Egypt.
This comes after Tadawul made an announcement earlier this month announcing that Value Capital Co., acting as lead manager and financial adviser on Tharwah’s possible offering, intended to present 705,735 common shares, or 15% of the company’s offerings. The company’s plans to float its shares on Nomu were also disclosed.
This action is consistent with the company’s objective of being a preeminent expert center in human capacity development by providing best-in-class solutions that satisfy international standards while taking local comprehension into account.
According to Al-Zahrani, it also fits in nicely with the company’s steady adherence to the Kingdom’s Vision 2030 and Saudi Arabia’s thriving consultancy industry.
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