RIYADH: Saudi Arabia’s Tadawul All Share Index gained 8.04 points, or 0.07, to close at 11,129.64 on Wednesday.
Total trading turnover reached SR5.41 billion ($1.44 billion), with 103 stocks posting gains and 140 declining.
The Kingdom’s parallel market, Nomu, also recorded an increase, gaining 130.72 points, or 0.48 percent, to settle at 27,375.84, as 32 stocks advanced and 41 retreated.
The MSCI Tadawul 30 Index also gained 3.34 points, or 0.24 percent, to finish at 1,423.94.
BAAN Holding Group Co. was the best-performing stock of the session, with its share price rising 9.73 percent to SR2.48. Saudi Industrial Export Co. followed with a 7.66 percent increase to SR2.39.
Other gainers included Almunajem Foods Co., which rose to a fresh year high on Wednesday, closing at SR77 with a 5.77 percent increase.
On the losing side, Buruj Cooperative Insurance Co. saw the steepest decline, falling 3.24 percent to SR17.92. Saudi Industrial Development Co. dropped 3.07 percent to SR30.9, and National Shipping Co. of Saudi Arabia declined 3.06 percent to SR23.75.
On the announcements front, Saudi Arabian Mining Co., also known as Ma’aden, finalized its acquisition of all shares owned by AWA Saudi and Alcoa Saudi in two of its major subsidiaries, according to a statement on the Saudi Stock Exchange.
The move follows the approval by Ma’aden’s extraordinary general assembly on June 25 to increase the company’s capital through a share issuance as consideration for acquiring the remaining stakes in Ma’aden Bauxite and Alumina Co. and Ma’aden Aluminium Co.
According to Ma’aden, the acquisition was made effective, and share allocation procedures were completed on July 1. The newly issued shares were deposited in favor of AWA Saudi and Alcoa Saudi, with the holdings officially listed on the same day.
The acquisition involved Ma’aden purchasing AWA Saudi’s entire stake in Ma’aden Bauxite and Alumina Co., totaling 128,010,000 ordinary shares — equivalent to 25.1 percent of the company’s issued capital.
It also included Alcoa Saudi’s full shareholding in Ma’aden Aluminium Co., amounting to 165,001,125 ordinary shares, or 25.1 percent of the company’s issued capital.
To execute the transaction, Ma’aden increased its capital from SR38.03 billion to SR38.89 billion — a 2.26 percent rise. As a result, the total number of its ordinary shares grew from 3.80 billion to 3.89 billion.
Under the new share distribution, Alcoa Saudi received 67,612,162 new ordinary shares, representing 1.74 percent of Ma’aden’s post-acquisition capital, while AWA Saudi received 18,365,385, or 0.47 percent of the capital.
Additionally, Ma’aden paid AWA Saudi SR562.5 million in cash as part of the transaction. The company emphasized that the acquisition does not involve any related parties.
The financial implications of the deal will be reflected in Ma’aden’s consolidated financial statements for the fiscal year ending June 30.
Ma’aden’s share price closed 1.72 percent higher to reach SR53.25.
Saudi National Bank announced its plan to redeem its SR2 billion tier-1 capital sukuk in full on July 15, marking the 10th anniversary of the instrument’s issuance.
The sukuk, which was launched on July 15, 2015, will be redeemed at face value — 100 percent of the issue price — in accordance with the terms and conditions set at issuance, the bank stated in a press release published on Tadawul.
The move follows Saudi National Bank’s securing of the necessary regulatory approval to proceed with the redemption. The full principal amount, along with any accrued but unpaid periodic distributions, will be paid to sukuk holders on the redemption date.
The SR2 billion sukuk issuance comprised 2,000 certificates, each with a face value of SR1 million. It represented 100 percent of the issued sukuk under this offering. Following the redemption, the total value of the sukuk issuance will be reduced to zero.
This redemption reflects the bank’s capital management strategy and its ongoing commitment to optimizing its financial structure.
The bank’s share price closed 0.34 percent higher on Wednesday’s session to SR35.84.
