How long does it take the Authority to review the prospectus or shareholders' Circular (as applicable) in the Parallel Market-Nomu?
The Authority will review the prospectus or shareholders' Circular (as applicable) within (30) days of receiving all information and documentation required by the Parallel Market Listing Rules.
Is the issuer's financial advisor allowed to present information on the issuer and its financial statements to a group of Qualified Investors before obtaining the Authority's approval on the prospectus or shareholders' circular (as applicable)?
Yes. The issuer's financial advisor, before obtaining the Authority's approval on the prospectus or shareholders' circular (as applicable), may present information on the issuer and its financial statements to a group of Qualified Investors without mentioning the issuer's name, to know to what extent Qualified Investors wish to participate in the subscription for the issuer's shares once offered.
Are there differences in the registration and admission to listing requirements between the Main Market and the Parallel Market-Nomu?
Yes, the Parallel Market Listing Rules imposes less requirements for registration and admission to listing in the Parallel Market-Nomu compared to the requirements imposed in the Listing Rules for registration and admission to listing in the Main Market. Where the key differences between the requirements for registration and admission to listing in the Parallel Market-Nomu and the Main Market revolve around the documents that should be submitted to the Authority, number of years during which the issuer must be carrying on a main activity, either by itself or through one or more of its subsidiaries, when applying for registration and admission to listing, the minimum expected aggregate market value of all shares to be listed, public ownership and number of public shareholders, categories of investors eligible to invest in the market, and continuous obligations on the issuer.
Are there continuous obligations on companies listed in the Parallel Market-Nomu?
Yes, the issuer whose shares are listed in the Parallel Market-Nomu shall comply with the provisions of part 8 (continuous obligations) of the Listing Rules as per article (28) of the Parallel Market Listing Rules.
What is the time period during which the issuer must announce the interim and annual financial statements?
The Issuer must provide the Authority and announce to shareholders its interim financial statements or the consolidated interim financial statements (as applicable) as soon as they have been approved and within a maximum of forty five days of the end of the financial period covered by these statements. The Issuer must provide the Authority with annual financial statements and announce them to the shareholders as soon as they have been approved and within a maximum of three months of the end of the financial period covered by these statements. Also, the issuer must provide the Authority and announce to shareholders these annual statements not less than 15 calendar days before the date of convening the issuer's annual General Assembly.
What is the lock-up period in the Parallel Market-Nomu for any person specified in the prospectus as owning shares in the issuer?
The lock-up period in the Parallel Market-Nomu for any person specified in the prospectus as owning shares in the issuer is twelve months. They may dispose these shares at the end of the twelve month period.
Is it required to obtain the Authority's approval at the end of the lock-up period for those who are specified in the prospectus as owing shares issued by the issuer?
It is not required to obtain the Authority's approval at the end of the lock-up period.
Is it required for companies listed in the Parallel Market-Nomu to comply with Corporate Governance Regulations?
Companies listed in the Parallel Market-Nomu are not required to comply with Corporate Governance Regulations; given that Corporate Governance Regulations are indicative to all issuers in the Parallel Market-Nomu. However, this does not prejudice the obligations of the companies listed in the Parallel Market-Nomu according to the provisions of the Companies Law which is set forth in the Corporate Governance Regulations.
Are the companies listed in the Parallel Market-Nomu required to publish the annual Board of Directors report?
Yes, in compliance with the Companies Law and the provisions of article (43) of the Listing Rules. However, the information required by the Authority's regulations to be included in the Board of Directors report are indicative to issuers whose shares are listed in the Parallel Market-Nomu.
Do the instructions and procedures related to listed companies with accumulated losses amounting to %20 or more of its capital apply to the Parallel Market-Nomu listed companies?
Is it required for companies seeking to be listed in the Parallel Market-Nomu to comply with the instructions of Book Building process and allocation method in Initial Public Offerings (IPOs)?
No, the instructions of Book Building process and allocation method in IPOs are not applicable to offering made in accordance to the Parallel Market Listing Rules.
Do Merger and Acquisition Regulations apply to companies listed in the Parallel Market-Nomu?
What is the daily fluctuation limit for the share prices of companies listed in the Parallel Market-Nomu?
The daily fluctuation limit for the share prices of all companies listed in the Parallel Market-Nomu is 20%.
Should the offer be fully covered for those companies seeking to be listed in the Parallel Market-Nomu?
Offering shares to qualified investors in the Parallel Market-Nomu does not require full coverage of the offer.
Is there a specific allocation method for the shares of the issuer among the Qualified Investors in the Parallel Market-Nomu?
There is no specific method for share allocation, since the instructions of Book Building Process and Allocation Method in Initial Public Offerings (IPOs) do not apply to the Parallel Market-Nomu. However, the issuer must submit, after obtaining the approval on the prospectus and prior to the listing, a list of shareholders and shares allocated to them.
