Saudi Arabia plans to transition from parallel market ‘Nomu’ to main market ‘Tadawul’
Date
11/20/2024 3:21:52 AM
(MENAFN) The Board of Directors of the Saudi Knowledge Tower Company has approved the company’s transition from the parallel market “Nomu” to the main market “Tadawul.” This announcement was made in a disclosure published on the Saudi stock exchange “Tadawul” website on Wednesday. The move is a significant milestone for the company as it seeks to enhance its market presence and attract a broader investor base.
The company clarified that the transition to the main market is contingent upon obtaining approval from the Saudi Stock Exchange. Additionally, the company must fulfill all the requirements specified in the listing rules to complete the process successfully. These measures ensure that the company meets the stringent standards of the main market.
In October, the General Assembly of Knowledge Tower approved a recommendation by the Board of Directors to transfer SAR 897.2 thousand (USD239 thousand) from the statutory reserve balance to the retained earnings balance of SAR 1.4 million (USD370 thousand). This financial adjustment is reflected in the company’s annual financial statements for the fiscal year ending on March 31, 2024.
The assembly also approved the distribution of interim dividends on a semi-annual or quarterly basis for the fiscal year ending March 31, 2025. This decision underscores the company’s commitment to rewarding shareholders and maintaining a consistent dividend policy as it progresses in its growth and market positioning.
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