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Screens within the Saudi stock exchange showing trading data. Image used for illustrative purpose.
Saudi Arabia’s United Mining Industries Company (UMI) will be transferring its shares from the kingdom’s Parallel Market Nomu to Tadawul, following a board decision.
The company, a joint venture of three of the Saudi companies in the construction and building industries, has appointed AlKhair Capital as the financial advisor for the transfer, which is subject to regulatory approvals.
UMI’s decision to move to TASI comes nearly six months after the listed company secured two exploration licenses for gypsum and anhydrite ore from Saudi’s Ministry of Industry and Mineral Resources.
In December, UMI also inked a conditional investment agreement with the Royal Commission for Jubail and Yanbu (RCJY) to allocate a land plot in Yanbu Industrial City for the company’s expansion plans.
(Writing by Bindu Rai, editing by Seban Scaria)
