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).
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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.
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