Tadawul approves Sumou’s transition to main market

Headquarters of Sumou Real Estate Co. 

Tadawul approved today, Aug. 20, Sumou Real Estate Co.’s request to transfer from Nomu-Parallel Market to the main market, with a capital of SAR 375 million, divided into 37.5 million shares. 

The company's shares will continue to trade on Nomu until the period of the transfer document publication ends, Tadawul said in a statement.  

Accordingly, Sumou must publish the transfer document within three trading sessions following the announcement of Tadawul's approval.  

The transfer document will be made available to the public on the websites of Sumou, Tadawul, and the financial advisor for 10 trading sessions.  

Tadawul indicated that trading on Sumou’s shares will be suspended from the day following the end of the publication period for five trading sessions maximum to start transition procedures.   

The listing date on the main market will be disclosed once the procedures are completed.  

Tadawul’s approval should never be considered as a recommendation to invest in Sumou shares. 

According to data compiled by Argaam, Sumou filed in May for the transition with the Capital Market Authority (CMA).  

Sumou was listed on Nomu on May 11, 2020.