Ladun's says major shareholder sold 4.3% stake to meet TASI prerequisites

Ladun Investment Co. was notified that Ashar Investment Co., a major shareholder, sold a 4.3% stake in the former to several investors through negotiated deals, in a letter received today, Oct. 9.

This came to fulfill one of the prerequisites for transitioning to the Main Market (TASI), which is the liquidity requirement, Ladun said in a Tadawul filing.

According to Argaam's data, Ashar Investment's stake in Ladun before this stake sale amounted to 56.4 million shares, or 11.28% of Ladun’s capital.

In October 2023, Ladun’s board of directors approved the transition from the Nomu-Parallel Market to TASI. Al Rajhi Capital was appointed as financial advisor on the planned transition.