Abo Moati begins trading on Tadawul today

Abdullah Saad Abo Moati for Bookstores Co. begins trading today, November 11, 2019, on the Saudi Stock Exchange (Tadawul) with symbol 4191 under consumer discretionary sector.

The stock’s daily fluctuation limit stands at 10 percent. 

On Nov. 4, Tadawul approved Abo Moati's request to transition from Nomu Parallel Market to the main market. The company has SAR 200 million in capital, divided into 20 million shares.

Abo Moati, the third company to transition from Nomu to the main market, brings up the number of listed firms on Tadawul to 179, excluding the 17 listed REITs. Meanwhile, the number of Nomu-listed companies declined to seven.

The stock's opening price on Tadawul is SAR 21.80, based on its last close on Nomu.

Key highlights:

On Feb. 26, 2017, Abo Moati was listed on Nomu. The stock was priced at SAR 12 (normalized to account for the capital hike through bonus share distribution).

The company operates in wholesale and retail stationary and office business, gifts, paper products and printers.

Abo Moati was established in 1994 and converted into a closed joint stock company in 2008. In August 2019, the company raised its capital to SAR 200 million from SAR 160 million through 25 percent bonus issue.

Abo Moati's outstanding shares have reached nearly 12.2 million shares, or 61 percent of its total shares (20 million).

*Share price adjusted. The company was listed at a share price of SAR 15 and it hiked its capital by 25% through bonus shares.

Based on the listing rules issued by the Capital Market Authority (CMA), the companies aiming to transition from Nomu to Tadawul should be initially listed on Nomu for two years.

Their board reports should be also disclosed to the public. Those company are required to fully comply with listing regulations on Tadawul, except for market capitalization, as the minimum market cap should stand at SAR 200 million in average six months before submitting transition requests.