Ladun starts trading on TASI today at SAR 2.55

On Aug. 9, Tadawul approved Ladun's application to transfer from the Nomu-Parallel Market to TASI.

The company's capital stands at SAR 500 million, divided into 500 million shares with a par value of SAR 1 each.

The stock's last closing price on Nomu was SAR 2.55, which will be its opening price on TASI.

Ladun's transfer brings the number of companies that have moved from Nomu to TASI to 23.

It also brings the number of companies listed on TASI to 252, excluding 19 REITs. The number of companies listed on Nomu will decline to 123, excluding Alwaha REIT Fund.

Key background

Ladun was established as a limited liability company in Riyadh in 2004 with a capital of SAR 2.14 million. In 2011, it was converted into a closed joint-stock company.

According to its commercial register, the company's activities include real estate operations, such as buying and selling land and properties, managing and leasing residential and non-residential properties, and real estate development.

The company was listed on the Nomu-Parallel Market on June 14, 2022, after offering 5 million ordinary shares, representing 10% of its capital. The final offer price was SAR 18 per share.

In May 2023, the company carried out a stock split, reducing the share's nominal value to SAR 1 from SAR 10.

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

The Capital Market Authority (CMA) rules set several requirements for companies seeking to transfer from Nomu to TASI. These include:

- Application timing: The issuer may submit a transition request only after two years have passed since its listing on Nomu.

- Listing requirements: The company must meet all TASI listing requirements, except the market capitalization requirement. Its average market capitalization during the six months preceding the application must be at least SAR 200 million.

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

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

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

Trading in the company's shares is suspended for no more than five trading sessions while the transition procedures are completed. Trading then resumes on TASI.