RIYADH: Share prices of the major players in the Saudi stock market rose for a third consecutive day as omicron-related imbalances eased.
Sadr Logistics came on top of the biggest gainers, up almost 10 percent to SR94.8 ($25.26), which marks an all-time record for the company.
Biggest moving stocks of the day also include Wafrah for Industry and Development Co., National Industrialization Co., and Al Kathiri Holding Co, up 6.26 percent, 5.02 percent, and 4.14 percent respectively.
Today’s gains were crimped by a 3.97 percent drop in stc’s price.
This came as the Saudi Public Investment Fund and stc’s announced the subscription period for stc’s secondary offering that could raise as much as SR11.6 billion.
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Saudi Arabia’s main benchmark index TASI started the week in the green zone with stocks recouping omicron-related declines, up around 350 points from last week.
Al Rajhi Bank traded at 4.8 percent higher this week with around 4 million traded shares.
Sahara International Petrochemical Company saw a recovery of 7.44 percent.
The Kingdom’s oil giant Aramco saw gains of 0.72 percent.
This came as the group announced its entry into the Kingdom’s domestic lubricants as well as its collaboration agreement with French companies including hydrogen car deals with Gaussin.
The International Company for Water & Power Projects, or ACWA Power, and Natixis CIB signed a memorandum of understanding aiming to collaborate on the development of ACWA power in the GCC region.
Natixis CIB will finance up to almost SR7.5 billion ($2 billion) over two years to finance ACWA Power’s projects.
Sadr Logistics’ shareholders approved the board of directors’ recommendation to raise SR175 million through a rights issue worth SR150 million to expand its logistics services. The rights issue trading and new share subscription period will start today Dec.6.
Apart from its rights issue, Sadr Logistics has been on the rise since last week jumping to an all-time high of SR86.2.
With reference to the Public Investment Fund and stc’s earlier announcement, the subscription period for stc’s secondary offering will start on Dec.7 and end on Dec. 8 for retail tranche whereas, for participating parties, it started yesterday and will end on Dec.9.
Saudi Exchange announced the initial public offering of Saudi Tadawul Group Holding Company to be 442.53 percent oversubscribed.
Subscriptions exceeding individual subscribers will be refunded no later than Dec.8, when the listing and trading of the company’s shares on the main market will begin.
Jahez International Company for Information Systems Technology issued the prospectus for its initial public offering at 13 percent of its capital on Nomu, Tadawul’s parallel market.
The offering period will commence on Dec. 23 and end on Dec. 26.