Arab News, Thu, Sep 19, 2024 | Rabi al-Awwal 16, 1446
Closing Bell: Saudi main index closes in green at 11,920
Saudi Arabia:
Saudi Arabia’s Tadawul All Share Index surged on
Wednesday, gaining 35.28 points, or 0.30 percent, to close at 11,920.94.
The total trading turnover of the benchmark index
was SR5.65 billion ($1.50 billion), as 140 of the listed stocks advanced, while
81 retreated.
The MSCI Tadawul Index increased by 6.50 points,
or 0.44 percent, to close at 1,486.63.
The Kingdom’s parallel market Nomu slipped, losing
20.70 points, or 0.08 percent, to close at 25,596.22. This comes as 34 of the
listed stocks advanced, while 35 retreated.
The best-performing stock of the day was Red Sea
International Co., with its share price surging by 9.96 percent to SR53.
Other top performers included Alistithmar AREIC
Diversified REIT Fund, which saw its share price rise by by 8.02 percent to
SR10.10, and Batic Investments and Logistics Co., which saw a 5.22 percent
increase to SR3.63.
The worst performer of the day was Gulf Insurance
Group, whose share price fell by 2.59 percent to SR32.
Tanmiah Food Co. and Walaa Cooperative Insurance
Co. also saw declines, with their shares dropping by 2.56 percent and 2.55
percent to SR144.40 and SR22.20, respectively.
On the announcement front, Saudi Fransi Capital
announced the successful retail offering for Almajed for Oud Co.’s initial
public offering, which saw an 821.33 percent oversubscription on Sept. 15.
Priced at SR94 per share, the retail tranche
attracted 236,127 investors, generating SR1.16 billion in demand, the company
said in a Tadawul statement.
It explained that each retail investor will
receive a minimum of six shares, with additional shares allocated on a pro-rata
basis. The institutional tranche will be reduced to 6 million shares, or 80
percent of the total offering.
Savola Group has concluded its rump offering,
reaching 814.2 percent subscription. A total of 35,102,497 unsubscribed shares
were sold, generating proceeds of SR943.45 million. The average sale price per
share was SR26.88, according to an official statement.
In total, SR592.43 million will be distributed as
net compensation to rights issues and fractional share owners. Share deposits
into shareholders’ accounts will be completed by Sept. 26. The firm said that
any excess proceeds beyond the offer price will be distributed to entitled
parties by Oct. 13.
The Capital Market Authority has approved
Al-Battal Factory for Chemical Industries Co. to offer 670,000 shares,
representing 20.09 percent of its capital, on the parallel market.
“The CMA’s approval of the application shall be
valid for six months from the CMA Board resolution date. The approval shall be
deemed canceled if the offering and listing of the company’s shares are not
completed within this period,” the CMA said in a statement.