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Saudi Stock Exchange (Tadawul) announced today the launch of a number of fundamental changes in parallel market growth, which aim to develop the parallel market and increase the number of listed companies and liquidity .
Tadawul said in a statement that these changes would be implemented in two phases, the first in the first quarter of 2019 and the second in the second quarter of 2019.
The changes consist, as a first step, in allowing companies to directly integrate the growth of the parallel market without a subscription process, defining a mechanism for the orderly transition of parallel market companies to the main market, in addition to the conversion of semi-annual quarterly financial reports, Update of the minimum liquidity for listing, minimization of the minimum level of regular transactions and establishment of a parallel market benchmark with an upper limit.
Changes during the second phase include the inclusion of closed-end funds and REITs in the parallel market, the application of price fluctuation limits and the establishment of a special research and development fund. 'analysis.
"These changes are part of the strategic plan to develop parallel market growth and make it a more attractive and flexible platform for companies wishing to be listed and investors," said Khalid Abdullah Al Hussain, CEO. from Tadawul. Over the past two years and taking the views of all resellers.
He added that these changes coincided with the entry of the financial market into global indices starting with the inclusion of the financial market in the FTSE Russell Index and the S & P Index in March, followed by the listing. to the MSCI Emerging Markets Index in May, which would strengthen the position of the financial market. Among the world markets.
Tadawul said these changes were part of the plans to develop the financial market in order to achieve the objectives of the financial sector development program, one of the main programs of the 2030 Kingdom Vision, which emphasized the the need to create an open and open financial market in the world, increasing the chances of financing and increasing the economic and investment capacity of companies. In the Kingdom, it will provide many developed and diversified investment tools and opportunities for all participants and financial market participants.
According to the data available "Numbers", The Saudi stock market "Tadawul" launched on February 26, 2017 "parallel market growth", and the number of companies listed on the market is currently 10 companies.
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