Saudi Arabia’s Nomu-Parallel Market has received listing requests from six companies, with two players looking to enter the market in H1 2019, Abdullah Binghannam, Securities Listing Unit Head at the Capital Market Authority (CMA), told Argaam in an exclusive on Thursday.
“New enhancements on Nomu will attract new listings, as they reduce the potential cost of risk and liabilities,” Binghannam said.
Appetite for share listings varies, based on the economic cycle and position of firms as well as the favorable market conditions.
More than 1,400 companies are looking to list their shares on Nomu and the Saudi Stock Exchange (Tadawul).
Commenting on the minimum limit of share offering on Nomu, Binghannam said the market has adopted more flexible rules. New entrants can now opt either to float 20 percent of shares or SAR 30 million of capital, particularly for heavy weights.
On the other hand, he added the market regulator is conducting a comprehensive study to assess the applicable practices and the products offered to market participants.
The study covers Nomu, mutual funds, initial public offerings, and private placements.
“Nomu will remain restricted to qualified investors. We will continue to study opening the market to all investors,” Binghannam concluded.
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