Tadawul IPO 442.53% oversubscribed to reach $1.3bn

Tadawul IPO 442.53% oversubscribed to reach $1.3bn
Around 598,327 subscribers participated in the period, which started on Nov. 30. (Shutterstock)
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Updated 06 December 2021

Tadawul IPO 442.53% oversubscribed to reach $1.3bn

Tadawul IPO 442.53% oversubscribed to reach $1.3bn
  • The stock exchange group was offering 10.8 million shares to individual investors

RIYADH: Shares of Tadawul group will begin trading on the main market on Wednesday, Dec. 8.

The stock will have a ± 30 percent daily price fluctuation limit and ± 10 percent static price fluctuation limit, according to the company’s filing.

The individual subscribers tranche of Tadawul’s initial public offering was 442.53 percent oversubscribed with a total demand of SR5.02 billion ($1.3 billion). 

The stock exchange group was offering 10.8 million shares to individual investors, or 30 percent of the total offer shares at a final price of SR105. 

Around 598,327 subscribers participated in the period, which started on Nov. 30.


Abu Dhabi utility companies TAQA, EWEC issue first $700m green bonds

Abu Dhabi utility companies TAQA, EWEC issue first $700m green bonds
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Updated 10 sec ago

Abu Dhabi utility companies TAQA, EWEC issue first $700m green bonds

Abu Dhabi utility companies TAQA, EWEC issue first $700m green bonds
  • SPPC is the project company to own, build and operate Noor Abu Dhabi

RIYADH: Abu Dhabi National Energy Co., or TAQA, along with Emirates Water and Electricity Co., or EWEC, have priced green senior secured bonds at an amount of 2.6 billion dirhams ($700 million).

The placement marks the first green bonds to be related to a solar plant, as it intends to refinance existing debt facilities of Sweihan PV Power Co., or SPPC.

SPPC is the project company to own, build and operate Noor Abu Dhabi, the world’s largest single-site solar project currently operating. 

Arranged and offered through joint lead managers and book runners, the green bonds are issued at 3.62 percent coupon rate, to be matured on 31 Jan. 2049. 

The syndicate of managers was advised by Norton Rose Fulbright and includes Citi, HSBC, MUFG, BNP Paribas, First Abu Dhabi Bank and SMBC Nikko.

This comes as TAQA seeks to deliver its sustainable growth and low carbon objectives.


Egypt’s Macro Group Pharmaceutical to be listed on the country’s stock exchange

Egypt’s Macro Group Pharmaceutical to be listed on the country’s stock exchange
Updated 6 min 18 sec ago

Egypt’s Macro Group Pharmaceutical to be listed on the country’s stock exchange

Egypt’s Macro Group Pharmaceutical to be listed on the country’s stock exchange

Chairman of the Egyptian Financial Supervisory Authority has announced offering a share of local Macro Group Pharmaceutical Corporation on the Egyptian Stock Exchange by the end of January, Al Arabiya reported.


Several state companies ready to list on Oman stock market this year: Bourse chairman

Several state companies ready to list on Oman stock market this year: Bourse chairman
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Updated 7 min 37 sec ago

Several state companies ready to list on Oman stock market this year: Bourse chairman

Several state companies ready to list on Oman stock market this year: Bourse chairman

 

A number of state companies will list on the stock market this year, according to the chairman of the Oman bourse, Reuters reported.

Citing the Oman News Agency, it also reported the chairman stating that the bourse would seek an upgrade from a frontier status to an emerging market status.


Rio de Janeiro allocates 1% of its funds to invest in cryptocurrency

Rio de Janeiro allocates 1% of its funds to invest in cryptocurrency
Updated 12 min 28 sec ago

Rio de Janeiro allocates 1% of its funds to invest in cryptocurrency

Rio de Janeiro allocates 1% of its funds to invest in cryptocurrency

RIYADH: Rio de Janeiro, one of the largest cities in Brazil, will allocate some of its funds to cryptocurrency investments, according to statements from mayor Eduardo Paes.

The mayor announced the move during a joint lecture with the mayor of Miami, Francis Suarez, at the Rio Innovation Week, an event dealing with the city's modernization.

“We are going to launch Crypto Rio and invest 1 percent of the Treasury in cryptocurrency,” Paes said.

Suarez, who also launched Miamicoin, a cryptocurrency for the city of Miami, stated this same development in Miami created opportunities for investors while offering crypto tax incentives, according to Bitcoin.com.

“We created a tsunami of opportunity. Many cities in the United States were raising taxes, and we lowered them. We understood that we could be at the forefront of innovation and we invited creators here,” he said.

Following in Miami's footsteps, Paes also plans to create tax incentives and discounts for users who pay with Bitcoin.

Finance Secretary Pedro Paulo explained that they are looking to offer a 10 percent discount to users who pay certain taxes with Bitcoin.

However, he also stated that studying the regulations in order to effectively implement these changes is essential.

“We already have tax incentives approved, we already have a percentage of 2 percent, and we want to focus a lot on the Porto region for the arrival of these new actors as well,” Chicao Bulhoes, secretary of the economic development and innovation team, said.


Amazon halts ban on UK-issued Visa credit cards

Amazon halts ban on UK-issued Visa credit cards
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Updated 57 min 5 sec ago

Amazon halts ban on UK-issued Visa credit cards

Amazon halts ban on UK-issued Visa credit cards

Amazon.com said on Monday it would not stop accepting UK-issued Visa credit cards on its website later this month as it had proposed, adding that it was working with Visa to resolve a dispute over payment fees.

“The expected change regarding the use of Visa credit cards on Amazon.co.uk will no longer take place on January 19,” the company said in an email to customers.

“We are working closely with Visa on a potential solution that will enable customers to continue using their Visa credit cards on Amazon.co.uk.”