The Saudi Exchange (Tadawul) announced its rejection of Watani Iron Steel’s (Watani Steel) request to transfer from the Nomu-parallel market to the main market. According to Tadawul, the decision was made because the company failed to meet all the transition requirements outlined in the listing rules.
In May of this year, Watani Steel had announced that it submitted a request to transition to the main market through the online portal provided by regulators, as stated in the company’s stock exchange filing.
The Saudi parallel market (Nomu) was launched by the Saudi Stock Exchange on February 26, 2017, with more lenient listing requirements compared to the main market (Tadawul).
Watani Steel was established as a limited liability company in August 2008 and transitioned to a closed joint-stock company in May 2020. Its shares were listed and began trading on the Nomu-Parallel Market in February 2021. Watani Steel has an annual production capacity of 280,000 tons of billet and 320,000 tons of rebars.
