Al-Modawat Hires Legal Adviser for TASI Main Market Move

Al-Modawat Specialized Medical Co. appointed SuhailPartners LLP as legal adviser for its transition to the Saudi Main Market, TASI, the company said in a statement.

The transition remains subject to regulatory requirements and approvals, Al-Modawat said. It did not provide a timeline for the move or specify which approvals remain outstanding.

Al-Modawat currently trades on the Nomu parallel market. A transfer to TASI would subject the company to stricter listing rules, including higher disclosure standards and a minimum free-float requirement. Companies that make the switch typically cite improved access to institutional capital and broader investor visibility.

The appointment of a legal adviser is a procedural step in the transfer process. SuhailPartners will handle the regulatory filings and compliance work needed to meet the Capital Market Authority's Main Market criteria.

Al-Modawat operates a chain of medical centers in Saudi Arabia, offering specialized healthcare services. The company did not disclose any changes to its financial outlook or operational plans in connection with the transition.