RIYADH: The Saudi Exchange has got the Capital Market Authority’s approval for adjusted listing rules, it said in a statement.
The changes mainly tackle the transition process from the parallel Nomu market to the main market, Tadawul, in addition to other general amendments.
The new rules are effective as of April 17 and their provisions shall apply to all transition applications submitted going forward.
Such a move comes at a time when the Kingdom is witnessing a boom in initial public offerings, with smaller companies targeting the parallel Nomu market because of its less strict procedures.
TASI, on the other hand, is more suited to larger companies with the capacity for larger data disclosure and governance requirements.