Riyadh Cement 11th to transition from Nomu; debuts on TASI today

Logo of Riyadh Cement Co.

Riyadh Cement Co. started trading on the Saudi Exchange (Tadawul) today, Dec. 5, with the symbol 3092 in the basic materials sector. The stock has daily price fluctuation limits of ±10%.

On Nov. 14, Tadawul approved Riyadh Cement’s transfer from the Nomu-Parallel Market to the Main Market. 

The company's capital is SAR 1.2 billion divided into 120 million shares. Its last trading price on Nomu was SAR 34.80, which will be the opening price of the stock on the Main Market.

Riyadh Cement becomes the 11th company to make the transition from the parallel to the main market.

Following the addition of Riyadh Cement's shares, the total number of companies listed on the main market now stands at 214, excluding the traded real estate funds totaling 18.

The number of companies listed on Nomu decreased to 75, excluding the Alwaha REIT Fund.

Company Profile 

Riyadh Cement’s parent firm Saudi White Cement Co. was incorporated in Riyadh in 1997, marking its presence as one of the early producers of white cement. The company initiated production in 2001, boasting an annual output capacity of 990,000 tons of white clinker.

The company increased its capital to SAR 1.2 billion to facilitate the establishment of Riyadh Cement Co.  Founded in 2005, Riyadh Cement, as a subsidiary Saudi White Cement, boasted a substantial production capacity of 11,000 tons of clinker per day.

The company was listed on the parallel market on Sept. 2, 2020, through a direct listing with the indicative price set at SAR 20 per share at that time.

Based on the listing rules issued by the Capital Market Authority (CMA), the companies aiming to transition from Nomu to Tadawul should fulfill the following requirements:

1) File the transition request after listing on Nomu for two years.

2) The companies are required to fully comply with listing regulations on Tadawul, except for market capitalization, as the minimum market cap should stand at SAR 200 million, six months before submitting transition requests.

3) The company's board reports should be disclosed to the public

4) The company's board should approve the transition to the main market and disclose this to the public prior to the start of the trading session that follows the approval.

5) Submit the transition request to the CMA and be announced to the public.

The company's shares will be suspended from trading for a period not more than five sessions until transition procedures are completed, following which the company's shares debut on the main market.