National Building says application for transition to main market ‘incomplete’

Logo of National Building and Marketing Co.

National Building and Marketing Co. (NBM) received, on June 2, an e-mail from Saudi Tadawul Group, stating that its application for a transition from Nomu - Parallel Market to the main market is “incomplete”, according to a bourse statement.

The company expects to move to the main market after completing the relevant requirements as per the amended listing rules that were activated on April 17, 2022.

The firm recently resubmitted an application for transition to the main market, according to data available with Argaam.

This is the fourth time for NBM to apply for transition to Tadawul. On June 17, 2021, the company filed online to move to the main market. On June 20, the company decided to withdraw the application to fulfill some requirements. It resubmitted an application on Oct. 16, 2021; however, Tadawul, on Oct. 20, said that the application was incomplete.

NBM refiled for moving to the main market on Nov. 1, 2021, but again received a reply from Tadawul on the lack of some information in the application. On Nov. 8, the company received a reply on the completion of the relevant requirements.