Tadawul reclassifies Tasnee, Sisco, Saudi Chemical based on GICS

The Saudi Stock Exchange (Tadawul) has reclassified three listed companies in the main Equity market based on the Global Industry Classification Standard (GICS) as of Sunday, July 7.

The National Industrialization Co. (Tasnee) will be reclassified from Capital Goods to Materials, Saudi Industrial Services Co. (Sisco) will be reclassified from Capital Goods to Transportation, and the Saudi Chemical Co. from Materials to Health Care Equipment and Services.

This move aims to ensure that companies are classified under the sectors that correspond best to their business activities, which generate the majority of a company’s revenues.

In December, Tadawul said it would implement the GICS starting in January 2017 to enhance transparency in the local market and allow international investors access to better information on the performance of local sectors.