CMCER transitions to TASI, begins trading at SAR 9.05

Logo of Canadian Medical Center Co. (CMCER)

Shares of Canadian Medical Center Co. (CMCER) (symbol: 4021) begin trading today, Wednesday, Oct. 22, on the Main Market (TASI) under the Healthcare sector, with a daily price fluctuation limit of ±10%.

Tadawul approved the company’s transition from Nomu – Parallel Market to the Main Market on Oct.1.

The company’s capital stands at SAR 77 million, divided into 77 million shares at a nominal value of SAR 1 per share. The last traded price on Nomu was SAR 9.05, which serves as the opening price on the Main Market today.

CMCER is the 19th company to move from Nomu to TASI.

This brings the total number of companies listed on TASI to 244, excluding 19 listed REITs, while the number of Nomu companies fell to 125, excluding Alwaha REIT Fund.

Company Profile

CMCER started in 2008 as a branch of a sole proprietorship and converted into a limited liability company in 2016 with a capital of SAR 77 million, divided into 7.7 million shares.

In 2019, the company merged with Advanced Medical Clinics Co. after which the latter become CMCER's Al Khobar branch, assuming all its rights and obligations.

The company provides a range of medical and healthcare services, including hospital and clinic management, trading of medical equipment and supplies, operating on-site clinics, providing medical coverage for events and projects, and ambulance transportation services through its own fleet.

CMCER’s operational segments include medical clinics and medical project contracts.

The medical project contracts segment is CMCER’s primary source of revenue, with most of its income generated from the Eastern Province.

The company listed on Nomu on Aug. 2, 2021, through direct listing at a reference price of SAR 39 per share.

In June 2023, the company split its nominal share value from SAR 10 to SAR 1.

CMCER Transition Details

Companies that transitioned from the Nomu to TASI

The Capital Market Authority (CMA) rules stipulate a number of conditions for companies seeking transfer from Nomu to TASI. These include:

1. Application timing: The request for transition may be submitted only after two years have passed since listing on Nomu.

2. Listing requirements: The company must meet all TASI listing requirements, except market capitalization. The minimum average market capitalization during the six months preceding the application must be SAR 200 million.

3. Disclosure requirement: Before submitting the application, the issuer must disclose its board report to the public, including all information required under the relevant implementing regulations.

4. Board approval: The board of directors must approve the transition and publicly disclose the decision before the start of the next trading session following the approval.

5. Application submission: The issuer must submit the transition request to Tadawul and announce the submission publicly.

Trading of the company’s shares is suspended for no more than five trading sessions until the transition procedures are completed, after which the company’s shares begin trading on the Main Market.