Nomu listing was aimed to facilitate transition to Tadawul: Abo Moati CEO

Abdulla Saad Abo Moati for Bookstores Co.’s listing on Nomu Parallel Market was basically aimed to facilitate the company’s transition to the Saudi Stock Exchange (Tadawul), chief executive officer Mohammed Abo Moati told Al-Arabiya TV on Monday.

“Abo Moati believes all conditions for the target transition including market capitalization are fulfilled,” the top official said, adding the company’s board of directors has approved transition to Tadawul.

The company has no current plans to increase its capital following the transition. Further details will be announced later on, if Abo Moati deems capital hike necessary.

When complete, the transition will help the bookstore operator benefit from the main market in terms of sustainability and improved goodwill, Abo Moati concluded.

Yesterday, Abo Moati’s board of directors approved the company’s transition from Nomu Parallel Market to Tadawul, Argaam reported.

Read: Abo Moati’s board approves transition from Nomu to main market