KEIR expects transfer to TASI mid-2024, mulls overseas expansions: CEO

CEO Waseem Abdullah Al-Marzouki

KEIR International Co. is expecting to transfer from Nomu-Parallel Market to Tadawul's main market by mid-2024, said CEO Waseem Abdulall Al-Marzouki.

Speaking to CNBC Arabia, he indicated the transfer to the main market was the company's main plan since listing a year-and-a-half ago. He added that all related requirements have been fulfilled and work is currently underway with the Capital Market Authority so as for KEIR to finalize the transfer within defined time.

He also said that the total contracts awarded by the company in 2023 exceeded SAR 500 million, most of which will be implemented in 2024, indicating that KEIR’s customer base is diverse and in accordance with its strategic plans, as it includes government and semi-government contracts with companies affiliated to the Public Investment Fund.

KEIR is not currently planning to increase its capital, and is relying on a mixture of financing tools, most of which are through banks. It is in discussions with a number of banks to raise its financing ceiling to enable it to implement projects, with the volume of its financing currently standing at SAR 300 million, said the CEO.

He pointed out that the company's investments are focused on four sectors, highlighting that KEIR is expanding into new sectors such as telecoms, software, modern construction and electricity.

Moreover, KEIR is moving steadily in implementing its expansion plans according to the opportunities existing in the Saudi market under Vision 2030, and it is also studying expansion outside the Kingdom over the coming period, according to the top executive. 

As for the stock split, Al-Marzouki said that the company witnessed outstanding results, as the stock saw strong trading value following the split.
KEIR's board of directors approved on Dec. 24 the transfer of the company from Nomu-Parallel Market to the Main Market.

The Saudi Exchange (Tadawul) announced that KEIR listed on Nomu in July 2022, with a capital of SAR 120 million, according to data available with Argaam.