a day ago
Saudi Azm, Obeikan Glass shares to stop trading on Nomu ahead of Main Market transfer
Software development firm Saudi Azm for Communication and Information Technology Co., along with Obeikan Glass Co., will cease trading on the kingdom's parallel market Nomu from July 15 to make a switch to the Tadawul Main Market, following regulatory approval.
Saudi Exchange has confirmed the shares will cease trading for five days in order to complete the transfer procedures, following which a listing date will be announced.
Saudi Azm will transfer with an authorised capital of 30 million riyals ($8 million) and 60 million shares, while Obeikan Glass will move with an authorised capital of SAR 320 million and 32 million shares.
Saudi Azm's and Obeikan Glass' move to TASI (main market) comes six months after the Saudi Exchange had rejected the requests on December 31, following the two companies failing to meet all transition requirements stipulated in the listing rules.
In April 2024, Saudi Azm first announced it had received board approval to transfer its shares to TASI and had appointed Al Rajhi Capital as a financial advisor to handle the transaction.
Meanwhile, Obeikan Glass, one of the largest float glass manufacturers in Saudi, had received board approval in December 2023 to transfer its shares from Nomu to TASI.
(Writing by Bindu Rai, editing by Brinda Darasha)
