Raydan debuts on Tadawul today

21/11/2019 Argaam Special

 

Raydan Cuisines and Restaurants Co. starts trading on Saudi Stock Exchange (Tadawul) today, under the Consumer Discretionary sector.

 

The daily price fluctuation limit stands at 10% per unit, the bourse said in a statement.

 

Earlier this week, Tadawul approved Raydan’s request to transition its shares from the parallel market to the main market. The company is capitalized at SAR 225 million, divided into 22.5 million shares.

 

Raydan is the fourth company to transition from Nomu to the main market, bringing up the number of listed firms on Tadawul to 180, excluding the 17 listed REITs. Meanwhile, the number of Nomu-listed companies declined to six.

 

The stock's opening price on Tadawul is SAR 18.80, based on its last close on Nomu.

 

Incepted in 1998, Raydan is a catering company that runs several restaurants, retail and wholesale businesses.

 

Raydan joined the Nomu Parallel market on February 26, 2017.

 

Raydan's outstanding shares have reached nearly 13.05 million shares, or 58% of its total shares (22.5 million).

 

Raydan Transmission Details

Item

When listed in Nomu

When listed in Tadawul

Capital (SAR mln)

225

225

Number of shares (mln shares)

22.5

22.5

Sector

Consumer durables

Consumer durables

Daily fluctuation limit (%)

20 %

10 %

Listing Price (SAR/share)

32.00

18.80

Shares trading possibility

Only qualified investors

Any Saudi or foreign person, entity, institution or fund authorized by the Capital Market Law and its implementing regulations to own and trade securities.

 

Companies’ Transmission from Nomu to TASI Details

Company

Board approval

Submitting transmission request

Tadawul’s approval on transmission

Listing the company’s shares in main market

Al Kathiri

October 9, 2019

October 15, 2019

October 28, 2019

November 3, 2019

Al Aseel

October 6, 2019

October 16, 2019

November 4, 2019

November 10, 2019

Abo Moati

October 6, 2019

October 16, 2019

November 4, 2019

November 11, 2019

Raydan

October 8, 2019

October 29, 2019

November 17, 2019

November 21, 2019

Baazeem

October 7, 2019

November 14, 2019

--

--

Arab Sea

October 9, 2019

--

--

--

 

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

 

Their board reports should be also disclosed to the public. Those company 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.

Comments {{getCommentCount()}}

Be the first to comment

loader Train
Sorry: the validity period has ended to comment on this news
Opinions expressed in the comments section do not reflect the views of Argaam. Abusive comments of any kind will be removed. Political or religious commentary will not be tolerated.