Watani Steel transfers to TASI, debuts at SAR 1.82

Shares of Watani Iron Steel Co. will be listed and begin trading on the Main Market (TASI) today, Oct. 6, under ticker 1325 in the Materials sector, with a daily price fluctuation limit of 10%.

The Saudi Exchange (Tadawul) approved the company’s transfer from the Nomu-Parallel Market to TASI on Oct. 1.

The company has SAR 181.65 million in capital, divided into 181.65 million shares at a nominal value of SAR 1 each. Its last traded price on Nomu was SAR 1.82, which will be the opening price when trading begins on TASI.

Following today’s listing, the number of companies that have transferred from Nomu to TASI rises to 24.

Accordingly, the total number of companies listed on TASI reached 254, excluding 19 listed REITs, while the number of companies listed on Nomu declined to 122, excluding Alwaha REIT.

Company Profile:

Watani Steel was established as a limited liability company in August 2008 and converted into a closed joint-stock company in May 2020, with capital of SAR 121.1 million.

The company is one of Saudi Arabia’s specialized steel manufacturers, with operations focused on steel billet and rebar production. It operates from its headquarters on Al-Kharj Road, south of Riyadh’s Third Industrial City.

The company was directly listed on Nomu on Feb. 17, 2021, at a guidance price of SAR 37 per share.

In October 2023, the company split the nominal value of its shares from SAR 10 to SAR 1 per share.

Under the Listing Rules issued by the Capital Market Authority (CMA), the transfer of any company from Nomu to TASI requires meeting a set of conditions, including:

1- The transfer application must be submitted after two years have elapsed since the company’s listing on the Nomu.

2- The company must meet all Main Market listing requirements, except for market capitalization, for which the minimum average market capitalization during the six months preceding the application is SAR 200 million.

3- Before submitting the application, the issuer must disclose to the public its board report containing the information required under the relevant Implementing Regulations.

4- The board of directors must approve the TASI transition, and the approval must be disclosed to the public before the start of the trading session following the approval.

5- Any TASI transition application must be submitted to Tadawul, and the submission must be announced to the public.

The caveat: Trading in the company’s shares is suspended for no more than five trading sessions until the transfer procedures are completed, after which the shares begin trading on TASI.