Al-Samaani debuts on Tadawul today

Al-Samaani Factory for Metal Industries Co. starts trading on the Saudi Stock Exchange (Tadawul) today, Dec. 10, 2020, with symbol 1832 and under the commercial and professional services, according to a bourse filing.

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

Tadawul approved on Dec. 3, 2020, the company's request to transition to the main market, after Al-Samaani submitted a request to the Capital Market Authority (CMA) to move from Nomu Parallel Market to the main market.

The company has SAR 25 million in capital, divided into 2.5 million shares.

Al-Samaani brings up the number of listed firms on Tadawul to 186, excluding the 17 listed REITs. Meanwhile, the number of Nomu-listed companies declined to four.

The stock's opening price on Tadawul is SAR 247, based on its last close on Nomu.

Al-Samaani was listed on Nomu Parallel Market in February 2017.

Key Highlights

Al-Samaani was incepted in 1994 with SAR 100,000 in capital. In 2016, it was converted into a limited liability company, capitalized at SAR 6.5 million, and was then turned into a closed joint stock firm with SAR 9 million in capital.

The company increased capital twice: In April 2018, from SAR 11.25 million to SAR 15 million via a bonus issue, and in June 2020, from SAR 15 million to SAR 25 million via bonus share distribution.

*Amended as per the two capital increases (listing price before amendment: SAR 78)

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

Their board reports should also be disclosed to the public. The companies 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.

 *The company filed a request, but, cancelled later