Al-Tayar group was hoping to raise SR1.2 billion from the sale of 24 million shares, or 30 percent of its capital.

Meanwhile, banks and petrochemical stocks led the Saudi index to a higher close on Saturday. The Tadawul-All-Share Index (TASI) closed 0.99 percent higher at 6,474.665 points, led by heavyweight Saudi Basic Industries Corp. (SABIC) which surged 0.85 percent to SR89.25.

Sector gains ranged from 0.18 percent in the Retail to a gain of 1.31 percent in the Petrochemical Industries sector. Overall market breadth was also strongly positive, with 100 advancing companies beating out 16 decliners, registering an AD ratio of 6.25, the Jeddah-based Financial Transaction House (FTH) said in its daily market commentary.

The petrochemical index closed at 5,695.37 points. Rabigh Refining and Petrochemical Co. (PetroRabigh) jumped 3.65 percent to close at SR34.10. Sahara Petrochemical Co. gained 2.64 percent to SR21.40.

The banking index ended 1.05 percent higher at 16,961.65 points led by Banque Saudi Fransi which rose 3.15 percent to SR45.80 and SABB which gained 2.48 percent to SR51.75. The only loser in this sector was Saudi Investment Bank as its shares declined 1.08 percent to SR18.35.

The value of Saudi traded shares reached SR2.66 billion.

The CMA announced on Saturday that the listing and trading of Alsorayai Group will take place on Monday within the Industrial Investment sector with an unrestricted price limit for the first day of trading only.