CMA clears Al Naqool Sons, Watani Steel registration for direct listing on Nomu

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The Capital Market Authority (CMA) approved today, Dec. 30, the registration of Mohammed Hassan Al Naqool Sons Co. and Watani Iron Steel Co.’s shares for the purpose of direct listing on Nomu Parallel Market.

The market regulator said that trading these shares will be confined to qualified investors as stipulated in the CMA regulations and rules. It added that the registration document will be published within sufficient time prior to listing.

Prospective qualified investors should conduct their own due diligence on the information disclosed in the registration document. If the registration document proves difficult to understand, it is recommended to consult an authorized financial advisor prior to making any investment decision, CMA added.

CMA also said that its approval on the application should never be considered as a recommendation to invest in the shares of the two companies, adding that its approval merely means that the legal requirements as per the Capital Market Law and its Implementing Regulations have been met.

CMA’s approval shall be valid for six months and shall be deemed cancelled if the new listings are not finalized within this period, the regulator added.

Al Naqool was established in early 1984. The company set up a factory for bricks and prefabricated concrete on Dammam-Jubail highway in the Eastern Province. Another factory was established in Taif, Al-Kharma province.

Elsewhere, Watani was incorporated in 2008 in Riyadh. The company operates in collecting scrap iron, as well as manufacturing iron structures and steel rebar.