In a strategic move reflecting the development of its business and its continued growth, Learning Academy Company announced the decision of its Board of Directors, issued last Thursday, to appoint Business Sustainability Financial Company as a financial advisor to lead and manage the company’s transition from the parallel market “Nomu” to the main market “TASI”.
This executive action comes in implementation of the previous Board of Directors’ decision, which was announced on the Saudi Stock Exchange website on June 30, 2024, which included the initial approval to transfer the company’s listing to the main market, in a clear indication of the company’s desire to expand its shareholder base and strengthen its market position.
The importance of moving to the main market "TASI"
The move from the parallel market, Nomu, to the main market, Tadawul, is a pivotal moment in the history of listed companies in Saudi Arabia. The main market is characterized by stricter disclosure and governance requirements, which instills greater confidence in companies that transfer to it from both local and international investors. This move also opens the door for the company to be included in global emerging market indices and increases its chances of being covered by financial firms and analysts, positively impacting the stock's liquidity and fair valuation.
Saudi market and economic context
The initiatives of the Learning Academy align with the economic developments underway in the Kingdom as part of Vision 2030, specifically the Financial Sector Development Program, which aims to deepen the financial market and establish it as a regional and global investment hub. Over the past years, the parallel market, Nomu, has successfully served as an incubator for promising companies, paving the way for their growth and maturation before transitioning to the larger market.
This trend also reflects the growth of the education and training sector in the Kingdom, the sector in which the Academy is active, and which enjoys significant government support to raise the efficiency of national human resources and meet the evolving needs of the labor market.
Upcoming regulatory procedures
The company confirmed that it will work closely with its financial advisor, Estidama, to fulfill all regulatory requirements and procedures necessary for the transfer, in accordance with the listing rules issued by the Capital Market Authority. The completion of the transfer remains subject to the approval of Tadawul and the fulfillment of all regulatory requirements. The company has committed to announcing any material developments in this matter in due course, reinforcing its commitment to transparency with shareholders.
