JEDDAH: Saudi Arabiaís Alandalus Property Co. will launch an initial public offering (IPO) in mid-December, the market regulator said in a statement, the first flotation since the Kingdom allowed direct foreign share ownership.
Alandalus aims to sell 21 million shares, representing 30 percent of its share capital, the statement said.
An unspecified portion of these shares will be allocated to institutional investors via a book-building process.
The remainder will then be offered to the public from Dec. 17 to Dec. 23 inclusive.
Alandalus is based in Riyadh, was incorporated in 2006 and is involved in commercial real estate development and investment, its website says.
Saudi Arabia has permitted direct foreign share ownership since mid-June.
The Tadawul All-Share Index (TASI) is down 13.5 percent this year and hit a 35-month low last week as the sustained slump in oil prices hurt earnings in the important petrochemicals sector and Standard & Poor’s downgraded the Kingdom’s debt.
On Wednesday, TASI fluctuated narrowly around Tuesday’s close. Saudi Basic Industries rebounded for an eighth straight day, rising 0.5 percent.
Saudi Automotive Services rose 1.5 percent after saying it had repaid early SR20 million ($5.3 million) of a loan from Arab National Bank; the debt had been due in February 2017.
The company said it had paid the debt with internal resources in order to reduce financial costs.
Saudi property company Alandalus to launch IPO
Saudi property company Alandalus to launch IPO
Closing Bell: Saudi main index slips to close at 11,228
RIYADH: Saudi Arabia’s Tadawul All Share Index slipped on Sunday, lost 23.17 points, or 0.21 percent, to close at 11,228.64.
The total trading turnover of the benchmark index was SR2.99 billion ($797 million), as 170 of the stocks advanced and 82 retreated.
On the other hand, the Kingdom’s parallel market Nomu gained 449.38 points, or 1.90 percent, to close at 24,093.12. This comes as 43 of the stocks advanced while 27 retreated.
The MSCI Tadawul Index lost 6.07 points, or 0.40 percent, to close at 1,511.36.
The best-performing stock of the day was Obeikan Glass Co., whose share price surged 7.54 percent to SR27.66.
Other top performers included Alamar Foods Co., whose share price rose 6.80 percent to SR47.10, as well as Saudi Kayan Petrochemical Co., whose share price climbed 6.79 percent to SR5.66.
Saudi Investment Bank recorded the steepest drop, falling 3.21 percent to SR13.56.
Jahez International Co. for Information System Technology also saw its share price fall 3.15 percent to SR13.55.
Rabigh Refining and Petrochemical Co. declined 2.78 percent to SR7.34.
On the announcements front, Tanmiah Food Co. reported its annual financial results for the period ending Dec. 31. According to a Tadawul statement, the company recorded a net loss of SR18.8 million, compared with a net profit of SR95.8 million a year earlier.
The net loss was mainly due to ongoing market challenges that resulted in continued pricing pressures in fresh poultry, inflationary cost pressures, higher financing expenses, and depreciation and ramp-up costs from new facilities, partially offset by increased production volumes and cost-optimization initiatives.
Tanmiah Food Co. ended the session at SR58.20, up 3.72 percent.
United International Holding Co., also known as Tas’heel, announced its annual financial results for the period ending Dec. 31. A bourse filing showed the company recorded a net profit of SR273.64 million in 2025, up 23.05 percent from 2024, primarily driven by a 23.4 percent rise in revenues. The revenue growth helped lift gross profit by 23.7 percent.
Tas’heel ended the session at SR146.80, down 0.28 percent.
