RIYADH: Saudi perfume manufacturer Al Majed Oud has set the price range for its initial public offering on the Kingdom’s main market between SR90 to SR94 ($23.99 to $25.05) per share, according to an official announcement.
In a post on social media platform X, the company said that the book-building process for institutional investors will run from Aug. 25 to 29.
Earlier this month, the perfume manufacturer said the IPO would offer a maximum of 7.5 million shares. Of these, 2.25 million will be allocated to public funds.
On Sunday, Saudi Arabia’s Tadawul All Share Index gained 68.21 points or 0.56 percent to close at 12,262.64.
The total trading turnover of the benchmark index was SR7.95 billion, as 154 stocks advanced, while 72 retreated.
The Kingdom’s parallel market, Nomu, also gained 112.01 points to close at 26,690.38, while the MSCI Tadawul Index edged up by 12.72 points to 1,536.84.
The best-performing stock of the day was Saudi Telecom Co. The company’s share price edged up by 9.94 percent to SR43.70.
stc also said that its board of directors approved the company’s three-year dividend policy beginning in the fourth quarter of this year and ending in the third quarter of 2027.
In a Tadawul statement, the telecom firm noted that it will pay a fixed dividend of SR0.55 a share per quarter for the next three years.
stc added that the latest dividend policy is subject to approval at the upcoming general assembly meeting, which will be announced at a later date.
Other top performers of the day were Saudi Reinsurance Co. and Saudi Automotive Services Co., whose share prices surged by 9.88 percent and 6.48 percent, respectively.
The worst performer of the day was Al-Baha Investment and Development Co., as its share price dropped by 7.69 percent to SR0.12.
On Sunday, Saudi Lime Industries Co. announced that its net profit surged by 83 percent in the first half of this year to SR8.5 million, compared to the same period in 2023.
In a statement, the limestone product supplier attributed the rise in net profit to higher sales volume and a relative increase in the selling price of the final product.
Obeikan Glass Co. reported a 61.3 percent year-on-year decline in net profit in the first half of this year to SR20.9 million.
The company noted that this slump was due to lower revenue because of a decline in average product selling prices.
