Jahez debuts on TASI today at SAR 37.60/shr; 14th transition from Nomu

Logo of Jahez International Co. for Information Systems Technology (Jahez) 

Jahez International Co. for Information Systems Technology (Jahez) will list and start trading on the Main Market (TASI) today, Dec. 10, under the symbol 6017 in the consumer services sector.

The stock will have a 10% daily price fluctuation limit.

On Nov. 18, the Saudi Exchange (Tadawul) approved Jahez’s application to transition from the Nomu-Parallel Market to TASI, with a capital of SAR 104.9 million, divided into 209.8 million shares, at a par value of SAR 0.5 a share, according to data available with Argaam.

The stock’s last price on Nomu was SAR 37.60, which will be its opening price on TASI.

Jahez will bring the number of TASI-listed companies to 228, excluding 19 REITs. The number of companies listed on Nomu would drop to 103, excluding Alwaha REIT Fund.

Company Profile:

Jahez was established as a limited liability company in 2017 with SAR 1 million capital in Riyadh. Later, it raised capital to SAR 5 million.

In December 2020, it transformed into a closed joint stock company. In May 2021, the capital was increased to SAR 96 million then to SAR 104.92 million in June 2021.

The company’s core activities include, wholesale, retail and repair of motor vehicles and motorcycles; transport and storage; provision of accommodation and food services; information and communication; and administrative and support services.

Jahez also provides wireless data services, systems analysis, design and program special software, as well as online delivery services.

Jahez debuted on Nomu in January 2022 offering of 1.89 million shares, representing 18% of its capital. The final offering price was set at SAR 850 per share.

In November 2023, the company implemented a stock split, reducing the nominal value of its shares from SAR 10 to SAR 0.5 per share.

The following table details companies that have transitioned from Nomu to TASI:

Under the amended listing regulations issued by the CMA, companies wishing to transfer from Nomu to TASI are obliged of the following:

1) Firms may only apply to transfer to the Main Market after two calendar years from listing on Nomu.

2) The average aggregate market value of the transferred shares must be at least SAR 200 million in the six-month period prior to the submission of application.

3) An issuer must disclose to the public the board report that includes all related information, before submitting the application.

4) Submitting the board of directors’ approval on the transfer before the beginning of the trading session that follows the approval.

5) The issuer must disclose the transfer to the public upon submitting the application.

Trading on the issuer’s shares will be suspended for a period not exceeding five trading sessions before debuting on the Main Market.