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Tuesday, Jun 18, 2024

Saudi Arabia's Tadawul Index Dips, Saudi Paper Manufacturing Co. Surges: Top Performers and IPO Announcements

Saudi Arabia's Tadawul Index Dips, Saudi Paper Manufacturing Co. Surges: Top Performers and IPO Announcements

Saudi Arabia's Tadawul All Share Index and parallel market Nomu both decreased on Monday.
The Tadawul Index lost 0.16 percent to close at 11,831.22, with a trading turnover of SR5.8 billion ($1.5 billion).

Of the 110 stocks traded, 110 advanced and 108 retreated.

The Nomu index dropped 0.71 percent to close at 26,448.54, with 30 advancing and 34 stocks retreating.

The best-performing stock was Saudi Paper Manufacturing Co., whose share price surged 4.89 percent to SR75.10.

Other top performers included CHUBB Arabia Cooperative Insurance Co. and Middle East Specialized Cables Co., whose share prices increased by 3.96 percent and 3.46 percent, respectively.

The top gainer on the Saudi Stock Exchange, Nomu, was On Nomu, Osool and Bakheet Investment Co., whose share price increased by 9.22 percent to SR48.

Other notable gainers were View United Real Estate Development Co. and Al-Modawat Specialized Medical Co., with share prices rising by 6.53 percent and 6.20 percent to SR79.90 and SR150.80, respectively.

Additional top performers included Almujtama Alraida Medical Co. and Bena Steel Industries Co.

On Tadawul, Saudi Basic Industries Corp. (SABIC) announced that it had received all necessary approvals to complete the acquisition of its subsidiary, Saudi Iron and Steel Co. (HADEED), by the Public Investment Fund for SR12.5 billion.

SABIC satisfied all transaction-related conditions, as announced earlier in September 2023.

Saudi Arabia's Al Taiseer Group Talco Industrial Co., an aluminum producer, is listing a 30% stake on the Tadawul stock exchange after completing an initial public offering (IPO).

The final offer price per share is SR43.

The company is selling 12 million shares and has already finished the institutional investor's book-building process, which had a coverage of 68.5 times the total offer shares.

The retail investor's book-building process will last for two days starting on May 28, allowing them to subscribe to a maximum of 10% of the shares.

The final share allocation is scheduled for June 2.

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