Watani Iron Steel Co. (Watani Steel) has received approval to transfer its listing from the Nomu-Parallel Market to the Saudi Main Market, marking a new step for the steel producer after its previous application was rejected in 2024.
The Saudi Exchange announced on October 1 that trading in Watani Steel shares would cease for up to five trading sessions from the same date to complete the transfer procedures. The exchange will announce the date for listing and trading on the Main Market once the process is completed.
In September 2024, Tadawul rejected the company’s earlier transfer request because it did not meet all the transition requirements under the listing rules. Watani Steel had submitted that application in May 2024.
Established in 2008, Watani Steel became a closed joint-stock company in 2020 and began trading on the Nomu-Parallel Market in February 2021. The company has annual production capacities of 280,000 tons of billet and 320,000 tons of rebar.