Watani Steel gets Tadawul nod for transition to TASI

Logo of Watani Iron Steel Co.

The Saudi Exchange (Tadawul) approved today, Oct. 1, Watani Iron Steel Co.’s request to transition from the Nomu-Parallel Market to the Main Market (TASI).

In a statement, Tadawul said trading in the issuer’s shares will be suspended starting from the next trading session following approval of the transfer request, for no more than five trading sessions, to complete the transfer procedures.

In a separate statement, Tadawul confirmed that trading in Watani Steel will be suspended starting Oct. 1, for no more than five trading sessions to complete the transfer procedures.

Tadawul will announce the listing and commencement of trading of the company’s shares on the Main Market once the procedures are completed.

Tadawul advised investors to carefully review the disclosed information and, where they are unable to fully understand it, seek advice from a licensed financial advisor before making any investment decision.

It also clarified that approval of the transfer request should not be construed as an endorsement of the investment merits of the company’s shares. The approval only confirms that the company has met all regulatory requirements under the Listing Rules.

According to data available on Argaam, Watani Steel’s board approved the company’s transfer to TASI in August 2023.

Watani Steel was listed on Nomu in February 2021. The company currently has a capital of SAR 181.65 million, divided into 181.65 million shares at a nominal value of SAR 1 each.