RIYADH: Saudi Arabia’s Tadawul All Share Index dipped on Tuesday, as it shed 78.88 points or 0.70 percent to close at 11,156.26.
The total trading turnover of the benchmark index was SR6.03 billion ($1.61 billion) as 80 of the stocks advanced, while 139 declined.
Saudi Arabia’s parallel market Nomu also shed 191.29 points or 0.85 percent to 22,365.59, while the MSCI Tadawul Index too edged down by 0.76 percent to 1,442.63.
The best-performing stock on the main index was Thimar Development Holding Co. The firm’s share price soared 9.96 percent to SR29.80.
Other top performers were Al Sagr Cooperative Insurance Co. and Saudi Enaya Cooperative Insurance Co. whose share prices surged by 9.93 percent and 7.18 percent, respectively.
The worst performer of the day was Saudi Steel Pipe Co. as its share price dropped by 10 percent to SR35.55.
Meanwhile, it was revealed in a bourse filing that SAL Saudi Logistics Services Co. is planning to list 30 percent of its share capital on the main market of the Saudi exchange. The announcement was made by HSBC Saudi Arabia, which is acting as the financial adviser, institutional book-runner, lead manager, and lead underwriter of the potential initial public offering.
Earlier in June, SAL Logistics Services had received approval from Saudi Arabia’s Capital Market Authority to proceed with its request to float 24 million shares, or 30 percent of its capital.
According to a Tadawul statement, the final offer price will be set for all subscribers after the book-building process.
In a separate statement, SAL Logistics Services revealed that the shares will be offered in two tranches; 21.6 million shares for participating parties and 2.4 million shares for individual investors.
“With today’s announcement of our intention to float 30 percent of the company’s shares to the public, it gives me great pride to invite investors to join us on our mission of delivering impact every day, and in line with our vision of being the logistics champion for a globally connected Saudi Arabia,” said Faisal bin Saad Albedah, managing director and CEO of SAL Logistics Services.
