RIYADH: Saudi Arabia’s Tadawul All Share Index slipped on Sunday, losing 117.19 points, or 0.97 percent, to close at 11,982.30.
The total trading turnover of the benchmark index was SR5.01 billion ($1.33 billion), as 61 of the stocks advanced and 166 retreated.
The Kingdom’s parallel market Nomu slipped 27.72 points, or 0.11 percent, to close at 25,740.79. This comes as 30 of the listed stocks advanced while 42 retreated.
The MSCI Tadawul Index also lost 16.44 points, or 1.09 percent, to close at 1,494.11.
The best-performing stock of the day was Nayifat Finance Co., whose share price surged 9.98 percent to SR14.54.
Other top performers were Red Sea International Co. and Saudi Industrial Export Co.
The worst performer was Alistithmar AREIC Diversified REIT Fund, whose share price dropped by 3.72 percent to SR8.80.
Other worst performers were Arriyadh Development Co. and BinDawood Holding Co.
Mayar Holding Co. has announced that it submitted to the Capital Market Authority on Sept. 7 seeking approval for issuing a Saudi riyal-denominated convertible sukuk program valued at SR500 million, set to span 24 months.
This comes following a previous statement where the company announced the recommendation of its board of directors to issue the convertible sukuk denominated to finance the company’s working capital and capital expansions, according to a Tadawul statement.
Bawan Co. has announced it signed a binding memorandum of understanding with Petronash Global Limited, or the seller, to acquire all of the latter’s outstanding shares.
A bourse filing revealed that Bawan would pay the seller an initial amount of $80 million in exchange for 80 percent of the company’s shares.
Under the terms of the agreement, Bawan will also pay the seller a maximum of $60 million, subject to the company achieving set financial targets over the next three years.
Bawan will purchase the remaining 20 percent of the company’s shares after the audited financial statements for 2027 or 2028 are issued, with an agreed valuation method and specified mechanism.
The firm’s entire shares are valued at $175 million, subject to it achieving set financial targets over the next three years.
Established in 2000 in the UAE, Petronash is recognized as a prominent worldwide producer of custom-engineered solutions for the oil and gas industry.
Operating predominantly in the Saudi market, the company boasts around 1,000 employees and a network of factories in Dammam in Saudi Arabia, Dubai and Abu Dhabi in the UAE, the Qatari capital Doha, and Chennai in India, encompassing a total manufacturing space of approximately 120,000 sq. meters.
Catering mainly to national oil and gas firms in the GCC countries, Petronash also exports its offerings to regions in the Far East, Africa, and the Americas.
