Two new firms to join Saudi Exchange’s parallel market on Tuesday

Two new firms to join Saudi Exchange’s parallel market on Tuesday
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Updated 17 January 2022

Two new firms to join Saudi Exchange’s parallel market on Tuesday

Two new firms to join Saudi Exchange’s parallel market on Tuesday

RIYADH: The Kingdom’s stock market is to see two new company listings on Tuesday, Jan. 18, the Saudi exchange, Tadawul, announced in a filing.

Alwasail Industrial Co. and AME Co. for Medical Supplies will debut their shares on Nomu, Saudi bourse’s parallel market.

Alwasail Industrial’s final offer price was set at the top of the indicative range, at SR19 ($5.06) per share.

This came in line with the completion of qualified investors’ book-building by FALCOM Financial Services Co., where the offering was 16.2 times covered.

Based in Buraydah, Alwasail manufactures plastic pipes to support irrigation systems, water, gas, communications, and sewage projects.

AME Co. for Medical Supplies’ IPO prospectus was issued in late December last year, financial advisor Aldukheil Financial Group said in a bourse statement. The price guidance per share was set at SR50.

Headquartered in Jeddah, the company belongs to the Kingdom’s healthcare sector.


Aqaseem Factory shares soars 30% after market debut

Aqaseem Factory shares soars 30% after market debut
Updated 13 sec ago

Aqaseem Factory shares soars 30% after market debut

Aqaseem Factory shares soars 30% after market debut

RIYADH: Shares of Saudi Aqaseem Factory for Chemicals and Plastics Co. soared 30 percent after its debut on the parallel market Nomu on Wednesday.

The company saw its shares close at SR62.40 ($16.64), against an initial public offering price of SR48, according to the Saudi exchange data.

The firm received Capital Market Authority approval on March 21 to register its shares for direct listing.

The motor oil and lubricants company was established in 1997.


Kamco Invest’s credit rating maintained at BBB with stable outlook

Kamco Invest’s credit rating maintained at BBB with stable outlook
Updated 2 min 32 sec ago

Kamco Invest’s credit rating maintained at BBB with stable outlook

Kamco Invest’s credit rating maintained at BBB with stable outlook

RIYADH: Kuwait-listed Kamco Invest’s long-term and short-term credit ratings have been maintained at “BBB” and “A3”, respectively, with a stable outlook, by Capital Intelligence.

The rating was issued by the firm in its most recent report, highlighting two key strengths for Kamco, according to a statement.

The first is its “strong funding and liquidity base” and the second is “the company’s business model with substantial assets under management.”

The Kuwaiti asset management, investment banking and brokerage firm has $14.6 billion of assets under management, according to its website.

“Capital Intelligence’s investment grade rating of Kamco Invest reaffirms the strength of the company’s financial position, business model, and management capabilities,” said CEO, Faisal Mansour Sarkhou.

He added: “The rating follows a record year in terms of our performance and the size of our AUM, positively reflecting the robustness of our evolving business model and range of offerings.”


SADAFCO board proposes half-year dividend of $0.8 per share 

SADAFCO board proposes half-year dividend of $0.8 per share 
Updated 8 min 43 sec ago

SADAFCO board proposes half-year dividend of $0.8 per share 

SADAFCO board proposes half-year dividend of $0.8 per share 

RIYADH: Saudia Dairy and Foodstuff Co.’s, or SADAFCO's, board has recommended a dividend payout of SR3 per ($0.8) share, 30 percent of capital, for the second half of the fiscal year ended March 31, 2022.

A total of SR96 million will be allocated to dividend payouts, with around 32 million shares eligible, the company said in a bourse filing.

From the same period last year to this one, the dairy firm hasn't changed its payout.

This was despite SADAFCO reporting a 20 percent drop in profit to SR207.3 million for the fiscal year ended on March 31, 2022, and compared to SR260.6 million in the year-earlier period. 

SADAFCO, based in Jeddah, operates sales and distribution centers in 24 locations across Saudi Arabia, Bahrain, Qatar, Jordan, and Kuwait. 


China In-focus: Logistics surges 3.6% to hit $15.95tr; lockdowns delay new iPhone development

China In-focus: Logistics surges 3.6% to hit $15.95tr; lockdowns delay new iPhone development
Updated 25 min 52 sec ago

China In-focus: Logistics surges 3.6% to hit $15.95tr; lockdowns delay new iPhone development

China In-focus: Logistics surges 3.6% to hit $15.95tr; lockdowns delay new iPhone development

RIYADH: China’s logistics sector climbed 3.6 percent during the first four months of 2022. Apple Inc.’s new iPhone is facing delays as a result of strict COVID-19 lockdowns. Meanwhile, the Asian country reportedly invited 10 Pacific nations for a region-wide deal on data communication cooperation.

·      China’s logistics sector surged 3.6 percent in the first four months of 2022 to reach 106.2 trillion yuan ($15.95 trillion), local press agency Xinhua reported, citing an industry report by the China Federation of Logistics and Purchasing. The sector’s growth rate slipped 3 percent in April month-on-month when compared to the corresponding period a year earlier.

·      American multinational technology company Apple Inc.’s new iPhone development agenda has been hindered as a result of the strict COVID-19 lockdowns in the country, Reuters reported, citing Nikkei newspaper. 

·      Chinese intelligent mobility platform T3 Mobility is hoping to secure at least 5 billion yuan in its latest funding round, Bloomberg reported, citing individuals familiar with the matter. To achieve this, the firm is working with advisers to explore ways in which they can lure investors. 

·      China has sent official documents along with a five-year action plan to 10 Pacific islands, which include the Solomon Islands, Kiribati, Samoa, Fiji, Tonga, Vanuatu, and Papua New Guinea, as it seeks policing, security, and data communication cooperation with them, Reuters reported. 

Foreign Minister Wang Yi will host a meeting on May 30 to further discuss this matter and possibly seal the deal with the invited parties. However, one of the invited nations argues that the documents and plans signaled that China is seeking control of the region, therefore threatening regional stability in the region.


Saudi Arabia advances 10 places in the WEF’s global tourism index 

Saudi Arabia advances 10 places in the WEF’s global tourism index 
Updated 29 min 10 sec ago

Saudi Arabia advances 10 places in the WEF’s global tourism index 

Saudi Arabia advances 10 places in the WEF’s global tourism index 

RIYADH: Saudi Arabia has jumped to 33rd place in the World Economic Forum’s Travel & Tourism Development Index 2021, advancing 10 places compared to 2019.

Globally, the Kingdom ranked first in terms of demand pressure and ninth in terms of prioritization of travel and tourism, according to tourism minister Ahmed Al-Khateeb's tweet. 

“We have vision, leadership, commitment and the energy of the Saudi people. Together we are creating a tourism sector that will drive our prosperity,” he said in his tweet. 

Saudi Arabia’s key improvements were in tourist service infrastructure as it advanced 7 places to rank the 40th. In addition to its timelines of tourism data as it jumped to the first place, up from the eighth.