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Mohammed Hasan Al Naqool Sons Co. has officially appointed Estidamah Capital as its financial advisor to manage the transition of its shares from Nomu - Parallel Market to the Main Market (TASI). The decision was taken by the board of directors as part of the regulatory roadmap to complete all legal and procedural requirements needed for the listing transfer.
The board had previously approved the transition plan in November 2023, following its initial public listing on Nomu in June 2021. To satisfy market liquidity and capital requirements, the company's shareholders recently approved a 100% capital increase via bonus shares in July, doubling the paid-up capital from SAR 29 million to SAR 58 million.
Moving to the main market generally enhances liquidity, raises institutional coverage, and broadens the company's shareholder base. Investors will be keeping a close watch on Tadawul's final approval and the completion of secondary regulatory conditions over the coming months.
