Latest news with #Nomu
Zawya
2 days ago
- Business
- Zawya
Saudi IPO proceeds hit $1.8bln in Q2 2025
Saudi Arabia led the IPO activity in the Gulf Cooperation Council (GCC) region during the second quarter of the year, with total proceeds reaching $1.8 billion. The turnout, representing more than three quarters (76%) of the regional total, was supported by listings of companies like Flynas and Specialized Medical Co., according to PwC. The kingdom's Nomu market also helped bring in more IPO funds, raising a total of $128 million. Across the GCC, the equity markets bagged a total of $2.4 billion in IPO proceeds, broadly in line with the same period last year, despite a drop in the number of listings. The slower IPO activity across the region has been attributed to trade tariffs. 'The global market volatility at the start of Q2, driven by uncertainty over global trade tariffs, understandably prompted some companies to reassess their IPO plans,' said Muhammad Hassan, Capital Markets Leader, Partner at PwC Middle East. 'The outlook remains cautiously optimistic for the remainder of the year subject to macroeconomic and geopolitical factors.' Looking ahead, the region's IPO market is still expected to see more offerings, with potential listings in late 2025 and early 2026. 'The pipeline remains strong and diversified,' PwC said. (Writing by Cleofe Maceda; editing by Brinda Darasha)
Arab News
2 days ago
- Business
- Arab News
Closing Bell: TASI ends in red at 10,823
RIYADH: Saudi Arabia's Tadawul All Share Index closed Tuesday's trading session at 10,823.91, marking a decline of 61.41 points, or 0.56 percent. The total trading turnover of the benchmark index reached SR4.41 billion ($1.17 billion), with 52 stocks advancing and 199 retreating. The MSCI Tadawul Index also declined, dropping 5.36 points, or 0.38 percent, to close at 1,394.05. The Kingdom's parallel market Nomu fell by 55.39 points, or 0.21 percent, closing at 26,725.89. A total of 22 stocks advanced, while 51 declined. BAAN Holding Group Co. was the session's top performer, with its share price rising 8.70 percent to close at SR2.50. Other notable gainers included Amlak International Finance Co., which rose 6.08 percent to SR12.04, and National Metal Manufacturing and Casting Co., up 2.28 percent to SR17.50. Amlak's gains followed the release of its interim financial results for the period ending June 30, showing a 147.6 percent year-on-year increase in net profit to SR20.3 million. Mobile Telecommunication Co. Saudi Arabia also recorded gains, with its share price increasing 1.96 percent to SR10.43. On the other end, Tourism Enterprise Co. recorded the steepest decline, with its shares falling 10 percent to SR0.99. Arabian Drilling Co. followed with a 9.98 percent drop to SR77.55 after announcing a 65 percent year-on-year decline in net profit to SR7 million for the second quarter ended June 30. The company stated on Tadawul that the profit decline was primarily due to a fall in rig utilization — down to 79 percent from 91 percent in the same period last year — and higher finance costs stemming from increased gross debt. This was partially offset by a one-off asset impairment recorded in the second quarter of 2024. United Carton Industries Co. also posted a notable decline of 7.48 percent, closing at SR31.42. Jamjoom Pharmaceuticals Factory Co. and Gulf General Cooperative Insurance Co. posted losses of 4.38 percent and 4.16 percent, closing at SR161.40 and SR5.07, respectively.
Barnama
7 days ago
- Business
- Barnama
The CMA: Compensation for Investors Affected by Violations Committed in the Shares of 'Watani Iron Steel Co.'
RIYADH, Saudi Arabia, July 25 (Bernama) -- The Capital Market Authority (CMA) announces the completion of compensation for investors affected by the violations committed in the shares of Watani Iron Steel Co., which occurred before and after the company's direct listing on the Parallel Market (Nomu). These violations were committed by five individuals convicted under the decision issued by the Appeal Committee for Resolution of Securities Disputes (ACRSD), published on the websites of the CMA and the GS-CRSD on April 4, 2024. The decision, resulting from the penal lawsuit filed by the Public Prosecution and referred by the Capital Market Authority, obligated them to pay SAR 41.4 million in illegal gains resulting from these violations. The compensations were deposited into the accounts of the affected investors through the Compensation Fund, which was established pursuant to a resolution of the CMA's Board to compensate affected parties in accordance with the distribution plan approved by the CRSD. This facilitates the compensation process and ensures that entitlements are delivered to their rightful owners with minimal effort.
Hamilton Spectator
24-07-2025
- Business
- Hamilton Spectator
The CMA: Compensation for Investors Affected by Violations Committed in the Shares of 'Watani Iron Steel Co.'
RIYADH, Saudi Arabia, July 24, 2025 (GLOBE NEWSWIRE) — The Capital Market Authority (CMA) announces the completion of compensation for investors affected by the violations committed in the shares of Watani Iron Steel Co., which occurred before and after the company's direct listing on the Parallel Market (Nomu). These violations were committed by five individuals convicted under the decision issued by the Appeal Committee for Resolution of Securities Disputes (ACRSD), published on the websites of the CMA and the GS-CRSD on April 4, 2024. The decision, resulting from the penal lawsuit filed by the Public Prosecution and referred by the Capital Market Authority, obligated them to pay SAR 41.4 million in illegal gains resulting from these violations. The compensations were deposited into the accounts of the affected investors through the Compensation Fund, which was established pursuant to a resolution of the CMA's Board to compensate affected parties in accordance with the distribution plan approved by the CRSD. This facilitates the compensation process and ensures that entitlements are delivered to their rightful owners with minimal effort. Since the publication of the ACRSD's decision, the CMA has worked on assessing the appropriateness of activating Article (59) of the Capital Market Law, which grants the CMA the power to organize compensation procedures for individuals affected by violations and to establish dedicated compensation funds sourced from illegally obtained gains. Compensation for affected individuals is carried out in accordance with a distribution plan approved by the Committee. This led to the establishment of this fund to compensate eligible parties under a distribution plan approved by a decision of the CRSD, in line with the rules, procedures, and legal provisions to enhance the efficiency of these funds. The approved distribution plan was designed in proportion to the scale of the violations committed, the value of the illegal gains realized from those violations, and the extent of harm suffered by investors who traded the company's shares during the violation period. Compensation amounts for some investors reached more than one million Saudi Riyals, representing the highest compensation approved by the CRSD. In this context, the CMA affirms that the distribution plan approved by the CRSD included all individuals proven to have suffered harm, based on the technical records. This does not preclude the right of any individual who believes they have been harmed but was not included in the distribution plan to file an individual claim with the CRSD to seek compensation. Compensation funds complement the mechanisms that facilitate compensating investors affected by violations committed in the capital market. They add to the available avenues for compensation, such as individual lawsuits and class actions. The CMA adopts a set of criteria to determine the appropriateness of establishing a compensation fund using illegal obtained gains from violators whenever the facts and circumstances of a case indicate the existence of actual harmed parties and when the CMA deems that creating such a fund would be more effective and practical than other available means of compensation for damages sustained by market participants as a result of violations of the Capital Market Law and its implementing regulations. The CMA clarified that it employs a range of analytical tools to reach a systematic assessment regarding the suitability of establishing a compensation fund based on final decisions issued by the CRSD. This assessment relies on several criteria that help determine the most suitable compensation mechanism, whether through direct compensation via these funds or through class actions to claim compensation. These criteria include aspects related to the execution and collection of illegally obtained gains, the nature and number of violations committed, their impact, and the extent to which the Committees can adopt and practically apply the principle of compensation to all affected parties in the case under review. The CMA affirms that, in the context of enhancing compensation opportunities, it has carefully studied global best practices applied in capital markets and adopted what aligns with the nature of the Saudi capital market. This contributes to improving the efficiency of compensation mechanisms, strengthening investor confidence in the market, and protecting their rights. These efforts form part of a broader package of strategic initiatives launched by the CMA to advance the development of a more sophisticated and competitive financial ecosystem. Capital Market Authority Communication & Investor Protection Division +966114906009 +966557666932 Media@
Toronto Star
24-07-2025
- Business
- Toronto Star
The CMA: Compensation for Investors Affected by Violations Committed in the Shares of 'Watani Iron Steel Co.'
RIYADH, Saudi Arabia, July 24, 2025 (GLOBE NEWSWIRE) — The Capital Market Authority (CMA) announces the completion of compensation for investors affected by the violations committed in the shares of Watani Iron Steel Co., which occurred before and after the company's direct listing on the Parallel Market (Nomu). These violations were committed by five individuals convicted under the decision issued by the Appeal Committee for Resolution of Securities Disputes (ACRSD), published on the websites of the CMA and the GS-CRSD on April 4, 2024. The decision, resulting from the penal lawsuit filed by the Public Prosecution and referred by the Capital Market Authority, obligated them to pay SAR 41.4 million in illegal gains resulting from these violations. The compensations were deposited into the accounts of the affected investors through the Compensation Fund, which was established pursuant to a resolution of the CMA's Board to compensate affected parties in accordance with the distribution plan approved by the CRSD. This facilitates the compensation process and ensures that entitlements are delivered to their rightful owners with minimal effort.
