Tadawul approves Saudi Azm transition to Main Market

Logo of Saudi Azm for Communication and Information Technology Co.

The Saudi Exchange (Tadawul) approved today, June 29, the application of Saudi Azm for Communication and Information Technology Co. to transfer its shares from the Nomu–Parallel Market to the Main Market (TASI).

The company has a capital of SAR 30 million, divided into 60 million shares.

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In a statement, Tadawul said Saudi Azm’s shares will continue to trade on Nomu during the transition document publication period. The company must publish the document within three trading sessions following the approval.

The transition document will be available to the public for 10 trading sessions on the websites of the company, Tadawul, and the financial advisor.

Trading on Saudi Azm shares will be suspended for up to five trading sessions starting the day after the publication period ends, to complete the transition procedures.

The listing date on the Main Market will be disclosed once the process is finalized.

Tadawul advised investors to thoroughly examine the disclosed information and transition document and to consult a licensed financial advisor for clarity before making investment decisions.

It also clarified that its approval does not constitute a recommendation to invest in Saudi Azm’s shares.

Saudi Azm applied for the transition in May. The stock was listed on Nomu in March 2022 with a capital of SAR 30 million, at a nominal value of SAR 0.5 per share. It last closed on June 26 at SAR 30.90.