RIYADH: Saudi Arabia’s Tadawul All Share Index rose on Thursday, gaining 30.58 points or 0.25 percent to close at 12,374.30.
The total trading turnover of the benchmark index was SR8.28 billion ($2.2 billion), with 133 of the listed stocks advancing and 91 declining.
The Kingdom’s parallel market, however, shed 125.91 points or 0.49 percent to close at 25,527.47.
The MSCI Tadawul Index gained 3.14 points or 0.20 percent to 1,548.77.
The best-performing stock on the main market was Arab Sea Information System Co. The firm’s share price surged by 9.91 percent to SR7.32.
Other top performers were Batic Investments and Logistics Co. and Alistithmar AREIC Diversified REIT Fund, whose share prices soared by 8.47 percent and 7.81 percent, respectively.
On another note, ACWA Power shares reached an all-time high of SR500.80 after surging by 8 percent during Thursday’s trading session.
The worst performer of the day was AlJazira REIT, as its share price slipped by 3.17 percent to SR17.72.
On Nomu, the best performers were Edarat Communication and Information Technology Co. and Arabian Plastic Industrial Co., whose share prices increased by 7.64 percent and 7.46 percent, respectively.
On the announcements front, Riyad Bank confirmed the commencement of issuing sustainable additional tier-one capital sukuk denominated in US dollars to improve the financial institution’s capital and for general banking purposes.
In a statement on Tadawul, the bank mentioned that the sukuk issuance would be through a special purpose entity and would be offered to qualified investors inside and outside Saudi Arabia.
The financial institution explained that the value and terms of the sukuk offering would be based on market conditions.
Joint lead managers and bookrunners for the potential offering include HSBC, Kamco Investment Co., ad Merrill Lynch International, as well Mizuho International plc, Morgan Stanley and Co., and Riyad Capital.
SMBC Nikko Capital Markets Limited, Standard Chartered Bank, and Warba Bank are also part of the group.
Additional tier-one securities, which are the riskiest debt instruments that banks can issue, are designed to be perpetual; however, this sukuk may be redeemed after five years.
The bank underlined that the minimum subscription is $200,000, with increments of $1000, and that the price and yield of the sukuk offering will be determined based on market conditions.
Another announcement saw the Capital Market Authority issue a decision approving Salama Cooperative Insurance Co.’s request to increase its capital by offering rights issue shares worth SR100 million.
According to the company’s statement on Tadawul, its capital before the growth was SR200 million, and it will rise to SR300 million following the capital increase decision.
As a result, the number of shares will grow from 20 million to 30 million, representing an increase of 10 million at a ratio of one new stock for every two existing.
The CMA also announced the approval of Nice One Beauty Digital Marketing Co.’s request to register its shares and offer 34.65 million stocks for public subscription on the main market.
The stocks to be offered represent 30 percent of the company’s total equity, which amounts to 115.5 million shares.
