Nofoth transfers to TASI, begins trading at SAR 9.79 today

On Dec. 31, Tadawul approved Nofoth’s application to transition from Nomu to TASI

Nofoth Food Products Co. (symbol: 2288) will list and start trading on the Main Market (TASI) today, Jan. 21, with a daily price fluctuation limit of 10%, under the Food & Beverages sector.

On Dec. 31, Tadawul approved Nofoth’s application to transition from the Nomu-Parallel Market to TASI, with SAR 96 million in capital, divided into 96 million shares, at a par value of SAR 1 a share.

The stock’s last price on Nomu was SAR 9.79, which will be its opening price on TASI.

The number of companies transferred from Nomu to TASI rose to 21 following the listing of Alwasail Industrial Co. and Nofoth today.

Nofoth will bring the number of TASI-listed companies to 249, excluding 19 REITs. The number of companies listed on Nomu would drop to 124, excluding Alwaha REIT Fund.

Company Profile:

Nofoth was established as a limited liability company under the name Nofoth Holding Co. in 2015 in Riyadh with a capital of SAR 100,000. Five years later, the company’s name changed to Nofoth Food Products Co. In 2021, its legal form was converted into a closed Saudi joint stock company, and two years later it became a publicly listed company on Nomu.

The company operates in the retail sale of food products, including pastries and confectionery, nuts, coffee, spices, and perfumes. Its activities are organized across four main revenue segments: food and beverage sales (which represent the company’s largest source of income), franchise revenues, sales-percentage revenues, and revenues from the sale of trade names.

The company operates through several brands, including Enabah, Golden Balah, Mamola, Pinkish Bite, among others.

Nofoth listed on Nomu on Jan. 10, 2023, after offering 288,000 shares representing 12% of its capital, with the final offer price set at SAR 150 per share.

In June 2023, the company carried out a share split, reducing the nominal value of its shares from SAR 10 to SAR 1 per share.

Since its listing on Nomu, the company increased its capital twice through bonus share distributions: the first in January 2024, raising capital from SAR 24 million to SAR 48 million, and the second in June 2025, increasing capital to SAR 96 million.

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

Companies that transitioned from the 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 the Main Market.