Watani Steel board OKs transition to TASI, updates stock split proposal

Logo of Watani Iron and Steel Co.

The board of Watani Iron and Steel Co. approved today, Aug. 30, the company’s transition from Nomu-Parallel Market to the main market (TASI).

Watani Steel named Aldukheil Financial Group as financial advisor based on the updated listing requirements, the company said in a statement to Tadawul.

The transition to the main market is conditional on Tadawul’s approval and the company’s fulfillment of all requirements stipulated in the listing rules.

In a seprate statement, the company’s board changed its previous recommendation on reducing nominal value to SAR 1 from SAR 0.10 per share, while maintaining the company’s capital unchanged at SAR 181.6 million.

Accordingly, the total number of shares will stand at 181.65 million.

In July, Watani Steel board proposed reducing the stock’s nominal value to SAR 0.10 from SAR 10, Argaam earlier reported.