‎Direct listing likely to revive Nomu in next 6 months: Analyst

‎Direct listing likely to revive Nomu in next 6 months: Analyst
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Nomu Parallel Market has recently witnessed a decrease in the number of listed-companies after several companies transitioned to the main market, Abdullah Al-Rebdi, analyst at Riyadh-based Money Experts Institute for Training, told Argaam.

Al-Rebdi stressed the importance of boosting the number of firms listed on Nomu in order to increase the market activity.

“Nomu Market is expected to be revived once again in the next six months, driven by the decisions of Tadawul and the Capital Market Authority (CMA) on allowing direct listing on the market without initial public offerings (IPOs)”, he said.

“These decisions will be game-changing, as stocks will be directly listed and owners will sell certain stakes as applicable,” Al-Rebdi concluded.

Baazeem Trading Co., Raydan Food Co., Abdullah Saad Abo Moati for Bookstores Co., Arab Sea Information System Co. and Al Kathiri Holding Co. transitioned from Nomu to the main market, Argaam earlier reported.

Last April, Al-Omran Industrial Trading Co., which was listed on Nomu in February 2017, had earlier withdrew a request to transition to Tadawul.

On July 15, Tadawul approved Al-Omran’s request to transition from the parallel market.