Latest news with #Tadawul
Argaam
2 days ago
- Business
- Argaam
Al Kuzama shares to debut on Nomu on June 2
The Saudi Exchange (Tadawul) announced that Al Kuzama Trading Co. will start trading on the Nomu -Parallel Market as of June 2, with the symbol 9636 and ISIN Code SA16AG54MI15. The stock will trade with daily and static price fluctuation limits of +/-30% and +/-10%, respectively, according to a Tadawul statement today, May 29. For More IPOs Separately, the Securities Depository Center Co. (Edaa) said Al Kuzama's subscribed securities were deposited today into the accounts of eligible shareholders. According to Argaam data, the company earlier floated 422,400 shares, representing 10.71% of the company's post-IPO capital and 12% of pre-IPO capital, at a nominal value of SAR 10 each. The final IPO price was set at SAR 107 each, and the offering was 108.38% covered.
Arab News
2 days ago
- Business
- Arab News
Closing Bell: Saudi main index closes in red at 10,990
RIYADH: Saudi Arabia's Tadawul All Share Index slipped on Thursday, as it shed 62.35 points, or 0.56 percent, to close at 10,990.41. The total trading turnover of the benchmark index was SR10.20 billion ($2.72 billion), with 169 of the listed stocks advancing and 74 declining. The Kingdom's parallel market Nomu also dropped 123.20 points to close at 26,809.75. The MSCI Tadawul Index declined by 0.70 percent to 1,403.80. The best-performing stock on the main market was Saudi Reinsurance Co. The firm's share price soared by 9.31 percent to SR50.50. The share price of East Pipes Integrated Co. for Industry increased by 7.83 percent to SR124. Arabian Drilling Co. also saw its stock price edging up by 5.12 percent to SR84.20. Conversely, the share price of Makkah Construction and Development Co. declined by 5.65 percent to SR96.80. On the announcements front, Al Moammar Information Systems Co., also known as MIS, said that it signed a contract valued at SR58.93 million with the Saudi Data and Artificial Intelligence Authority to operate and maintain the National Unified Visa Platform. In a Tadawul statement, the company stated that the contract is valid for 36 months, with no related parties involved in the deal. MIS added that the contract is expected to have an impact on the company's financial results starting from the third quarter of this year. The share price of MIS rose by 1.66 percent to SR134.80. Al Kathiri Holding Co. said that its subsidiary, Saraya Al Diyar Investment Co., has entered into a long-term lease agreement valued at SR143.1 million with the Aseer Municipality to build and operate a mixed-use hotel and commercial complex in Abha. Under the deal, Saraya Al Diyar Investment Co. will establish a four-star hotel with 180 keys, as well as retail and entertainment facilities in the project that spans a total area of 53,000 sq. meters. The new contract is in line with Al Kathiri Holding's strategic direction to diversify its investment portfolio and expand into promising, high-impact sectors, aligning with the goals of Saudi Vision 2030, the company said in the statement. Al Kathiri Holding Co.'s share price was unchanged at SR2.08 by the end of Thursday's trading.
Argaam
2 days ago
- Business
- Argaam
Qomel board recommends 20,000 share buyback to retain as treasury
Qomel Co.'s board of directors recommended on May 28 the repurchase of 20,000 of its ordinary shares to be retained as treasury shares and be allocated within the employee stock incentive program. In a statement to Tadawul, the bank said the share buyback will be funded through its own resources. The move is still subject to the approval of the next extraordinary general meeting (EGM).
Business Times
2 days ago
- Business
- Business Times
Hong Kong, Saudi bourses seek deeper ties to spur trading volume
[HONG KONG] Hong Kong and Saudi Arabia are ramping up efforts to boost trading activity as inflows to their exchange-traded funds (ETFs) wane and cross-listings fail to materialise. Hong Kong Exchanges & Clearing (HKEX) chief executive officer Bonnie Chan and Mohammed Al-Rumaih, her counterpart at the Tadawul stock exchange, are poised to address the co-hosted Capital Markets Forum in Hong Kong on Thursday (May 29). The city's financial secretary Paul Chan and Securities and Futures Commission head Julia Leung will also speak. Hong Kong and Riyadh have strengthened relations in recent years, as the Asian city seeks to attract rich Gulf families and diversify its investor pool. Meanwhile, the oil-rich kingdom has worked to raise foreign ownership and pump liquidity in publicly traded stocks under its Vision 2030 agenda, with Chinese investors seen as central to that plan. An ETF tracking bonds issued by the Saudi government is set to start trading in Hong Kong on Thursday. It's the latest offering to join a slew of ETFs tracking Saudi and Chinese shares that have been listed in Hong Kong, Shenzhen, Shanghai and Riyadh since 2023, though trading volumes and inflows have remained slim since their debut. 'There seems to be limited organic and natural demand for these products, despite their strong performance, as most the assets under management seems to have come at inception with cornerstone investors including Saudi Arabia's Public Investment Fund and the Hong Kong Monetary Authority,' said Bloomberg Intelligence analyst Rebecca Sin. HK's recovery versus Saudi underperformance HKEX announced in October that it planned to open an office in the Saudi capital in 2025 as it sought to promote 'greater connectivity between China and the Gulf region,' according to a statement. That same month, Hong Kong's flagship carrier Cathay Pacific Airways started operating three return flights per week between the city and Riyadh. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up Hong Kong's equity market has recovered sharply since chief executive John Lee's visit to the Gulf in early 2023, as Beijing seeks to reinforce the city as a funding hub for its companies. Major new share sales returned to the HKEX this year after a lacklustre period, mostly boosted by offerings from big Chinese firms that are already listed in the mainland. Earlier this month, electric-vehicle batteries giant Contemporary Amperex Technology Co Limited raised US$5.3 billion in Hong Kong following the world's largest listing of 2025. Total proceeds raised through equities sales in the city have already reached the highest for a full year since 2021. Hong Kong's benchmark Hang Seng Index is up 16 per cent this year, one of the best performers globally, contrasting with a drop of about 8 per cent for the Tadawul All Share Index. A memorandum of understanding to explore cross-listings between the exchanges was signed in 2023, though none have been executed so far. While there could be more ETFs listed across both regions this year following government-backed policies, 'more resources and education will be needed to get investors excited to invest into them,' said Bloomberg Intelligence's Sin. BLOOMBERG
Bloomberg
2 days ago
- Business
- Bloomberg
Hong Kong, Saudi Bourses Seek Deeper Ties to Spur Trading Volume
Hong Kong and Saudi Arabia are ramping up efforts to boost trading activity as inflows to their exchange-traded funds wane and cross-listings fail to materialize. Hong Kong Exchanges & Clearing Ltd. Chief Executive Officer Bonnie Chan and Mohammed Al-Rumaih, her counterpart at the Tadawul stock exchange, are poised to address the co-hosted Capital Markets Forum in Hong Kong on Thursday. The city's financial secretary Paul Chan and Securities and Futures Commission head Julia Leung will also speak.
