Manzel Al Waraq CEO Faisal Al Maghrabi said the company is targeting an increase in revenue to 200 million riyals (53.33 million dollars) by the end of 2027, supported by the expansion of its production lines and growing demand, as it seeks to move from the Parallel Market, Nomu, to the Main Market, TASI.
Al Maghrabi said the move to the Main Market aims to broaden the shareholder base among individuals and institutions and make use of debt instruments, noting that the company had completed a large part of the requirements for the move and was awaiting regulatory approvals.
Production capacity expansion
Al Maghrabi said the commissioning of the new production line increased production capacity by about 150%, while the line is currently operating at a utilization rate of between 60% and 70%. He added that the company had overcome supply-chain disruptions in the region.
Requirements for moving to TASI
Al Maghrabi said the company’s capital of 60 million riyals is appropriate for the size of its business and that there is no need to increase it at present. He noted that the free-float shares eligible for trading meet regulatory requirements and represent about 30% of the company’s total shares.
Board decision
On 6 September 2026, Manzel Al Waraq’s board of directors approved the company’s move from the Parallel Market, Nomu, to the Main Market, TASI, and appointed Wathīq Financial Company as financial adviser to manage the move and complete the related procedures and requirements.
The decision was made in accordance with the requirements of the updated and amended Listing Rules, issued under Capital Market Authority Board Resolution No. (2-135-2025) dated 24 November 2025. The company said the move is subject to the market’s approval and the fulfillment of all applicable requirements, and that it would announce any material developments as soon as they occur.
