Two companies submit request to be listed in Nomu: Tadawul official

Saudi Stock Exchange (Tadawul) has received two requests from two companies to be listed in the parallel market Nomu, Mohammed Sulaiman Al Rumaih, Tadawul’s chief of markets, said.

Tadawul took serious steps towards increasing the financing elements in small & medium enterprises (SMEs) which included several updates during the current year, Al Rumaih added during the Entrepreneurship Forum in Asharqia Chamber, as reported by Al Riyadh Newspaper.

He emphasized that there is a project with Small & Medium Enterprises General Authority SMEA (Monshaat) that aims to transform the small companies into listed companies.

The amended listing rules, issued by the Saudi Capital Market Authority, allowed companies to be listed directly in the parallel market "Nomu" without intial public offering (IPO) provided that at least 20 percent of the company’s capital or at least SAR 30 million in shares value would be listed, whichever is less, according to data compiled by Argaam.

Recently, Sakiet El Khair International Trading Co. announced that it is working on listing its shares in Nomu through direct listing. The company has first to complete the statutory requirements and obtain the approval of the Capital Market Authority (CMA) and Tadawul.