Al-Modawat names advisor for transition to TASI

Logo of Al-Modawat Specialized Medical Co.

Al-Modawat Specialized Medical Co.’s board of directors decided, on July 2, to appoint Estidamah Capital as its financial advisor for the transition from Nomu-Parallel Market to the Main Market (TASI).

Al-Modawat sought the transfer in line with the company’s efforts to strengthen its position in the healthcare sector and the capital market, the company said in a statement on Tadawul.

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The company will work closely with the financial advisor to fulfill all regulatory requirements and complete the necessary procedures for the transition, in accordance with the listing rules, the statement added.

The transition is pending the market’s approval and is subject to meeting listing rules requirements.

Any updates in this regard will be announced duly, the statement noted.

In June, the company’s board of directors approved the transition, after fulfilling all regulatory requirements including shareholders’ approval, according to data available with Argaam.

The Capital Market Authority (CMA) recently approved the company’s request to increase capital from SAR 23.75 million to SAR 71.25 million through the distribution of two bonus shares for each one held.

Al-Modawat started trading on Nomu in February 2024, at SAR 111 per share. The share price, as of closing on July 2, is SAR 20.