Amiantit, SPM say East Gas postponed Nomu listing

Logo of Saudi Arabian Amiantit Co.

Saudi Arabian Amiantit Co. received on June 1 a letter from the Chairman of East Gas Co.  stating that the board decided to postpone the company’s listing on the Nomu-Parallel Market.

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In a statement to Tadawul, Amiantit explained that the decision was made to preserve the rights of shareholders and study other options for the feasibility of the listing process.

Any material updates will be disclosed in a timely manner, the statement added.

In a separate statement, Saudi Paper Manufacturing Co. (SPM) said a notification was received on June 1 from East Gas on the board decision to postpone the planned Nomu listing.

The step came in implementation of the company's strategic plan. It is also in an attempt to wisely pick the timing of East Gas’ potential listing or private placement given the current market situation, while also studying other enablers of a successful listing process.

The company is committed to notifying its shareholders of any new developments in a timely manner, SPM further noted.

In August 2024, East Gas filed a request with the Capital Market Authority (CMA) for a private placement of 20% of its capital, as a preliminary step to its listing on Nomu, Argaam reported earlier.

Amiantit, National Gas and Industrialization Co. (GASCO), and SPM own a 13%, 35% and 26% stake, respectively, in East Gas.