Armah to debut on TASI at SAR 55/share today

Logo of Armah Sports Co.

Armah Sports Co. will list and start trading on the Main Market (TASI) today, Aug. 30, under the symbol (6022) in the consumer services sector with a daily price fluctuation limit of 10%.

On Aug. 9, Tadawul approved Armah’s application to transition from the Nomu-Parallel Market to TASI.

The company’s capital stands at SAR 328.59 million, divided into 32.859 million shares at a par value of SAR 10 each.

The number of companies transferred from Nomu to TASI rose to 22 following the listing of Armah today.

Armah will bring the number of TASI-listed companies to 252, excluding 19 REITs. The number of companies listed on Nomu will decline to 124, excluding Alwaha REIT Fund.

Company Profile:

Armah Sports Co. was established as a Saudi closed joint-stock company in Riyadh in 2019.

According to its main commercial registration, the company’s activities include men’s and women’s gyms and sports centers. Its core activities comprise the construction, management, operation and maintenance of sports clubs.

The company’s shares were listed and began trading on Nomu on Nov. 30, 2023. It offered 4.93 million shares to qualified investors, representing 15% of its total shares post-offering, at a final offer price of SAR 28 per share.

The following table details companies that have transitioned from 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 TASI.