Obeikan Glass, Saudi Azm to debut on TASI today

Tadawul trading screen

Shares of Obeikan Glass Co. and Saudi Azm for Communication and Information Technology Co. are set to debut on the Main Market (TASI) today, July 21.

Obeikan Glass will trade under the symbol 4145 in the Capital Goods sector, while Saudi Azm will be listed under 7211 in the Software and IT Services sector.

Both stocks will be subject to a 10% daily price fluctuation limit.

According to Argaam data, Tadawul approved on June 29 the requests from both companies to move from the Nomu-Parallel Market to TASI.

Obeikan Glass has a capital of SAR 320 million, divided into 32 million shares at a nominal value of SAR 10. Its last trading price on Nomu was SAR 38, which will serve as the opening price on TASI.

Saudi Azm has a capital of SAR 30 million, comprising 60 million shares at a par value of SAR 0.5. Its last Nomu trading price was SAR 30.24.

With these additions, the number of companies listed on TASI has risen to 239, excluding 19 real estate investment trusts (REITs). The number of firms on Nomu has fallen to 121, excluding Alwaha REIT Fund.

Key background

Founded in Riyadh as a closed joint stock company, Obeikan Glass was established under its Articles of Association dated Dec. 23, 2006, a ministerial resolution dated Sept. 9, 2007, and the minutes of the constituent assembly dated November 2007.

The company manufactures and sells clear float glass and safety glass. It was directly listed on Nomu on Feb. 7, 2022, at a reference price of SAR 68 per share.

In November 2023, the company raised its capital from SAR 240 million to SAR 320 million through the distribution of bonus shares.

The following table details companies that have transitioned from Nomu to TASI:

Regulations for Nomu-to-TASI transfers

Under the amended listing rules issued by the Capital Market Authority (CMA), companies seeking to transfer from the Nomu-Parallel Market to the Main Market (TASI) must meet several conditions. They are required to remain listed on Nomu for a minimum of two calendar years before applying for the move.

Additionally, the average market value of their shares must be at least SAR 200 million during the six months leading up to the application. Before submitting the request, companies must publicly disclose a board report containing all relevant information and secure the board of directors’ approval for the transfer. They are also obligated to announce the application to the public at the time of submission.

Trading in the company’s shares may be suspended for up to five sessions ahead of its debut on the Main Market.