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View United Real Estate Development Company's board of directors has approved transferring the firm's listing from the parallel market to the main market of the Saudi Exchange, signalling a key step in its growth trajectory. The developer, which began trading on the Nomu parallel market about two years ago and has since expanded its capital, is positioning itself for broader visibility and potentially deeper investor interest. This decision follows recent corporate actions, including capital increases and strategic financial improvements. The move reflects the company's ongoing efforts to consolidate its market presence in Saudi Arabia's real estate sector.
View United Real Estate Development Company, which is traded under ticker 9591, has secured approval from its board of directors to shift its share listing from the parallel market to the main market of the Saudi Exchange. This development was reported earlier this week and marks a significant progression in the company's equity market journey. Advertisement
The company was initially listed on the Nomu-Parallel Market, where it began trading in late 2023 after an oversubscribed offering at SAR 70 per share for qualified investors. This parallel market listing helped widen its investor base and provided early liquidity as it built its profile among public investors.
In the months preceding the board's decision, the company also moved forward with a substantial capital increase plan. Regulators approved a bonus share issue that would roughly double its share capital by granting one additional share for each share owned, a measure intended to support solvency and foster future expansion. This capital action also set the stage for meeting regulatory requirements tied to a main market listing.
View United operates across residential and commercial property development, including land acquisition, constructions, leasing, and related activities in the Kingdom of Saudi Arabia. Over recent years, it has steadily expanded its development footprint and strengthened corporate governance structures to align with broader market expectations.
The board's approval to move to the main market signals confidence in the company's growth potential and is expected to offer shareholders access to a larger pool of institutional and retail investors. It also aligns with regulatory norms for companies targeting enhanced visibility and liquidity on Saudi Arabia's primary equity platform.
Source Reuters
5th Jun, 2025
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