Arab News, Tue, Feb 27, 2024 | Shaban 17, 1445
Closing Bell: TASI drops to 12,532, records $2.4bn trade volume
Saudi Arabia:
Saudi Arabia’s Tadawul All Share Index closed at 12,531.76 points on Monday,
marking a decrease of 72.83 points or 0.58 percent.
The parallel market Nomu concluded at 25,592.61,
registering a fall of 109.54 points, or 0.43 percent. Alongside, the MSCI Index
also descended by 3.81 points to settle at 1,616.76, a drop of 0.24 percent.
By the day’s end, the main index posted a trading
value of SR9.15 billion ($2.4 billion) with 42 stocks advancing and 186
declining. On the other hand, Nomu reported a trade volume of SR47.1 million.
TASI’s top performer was Saudi Arabian Amiantit
Co., which saw a 7.69 percent jump to SR31.50.
Maharah Human Resources Co. and Wataniya Insurance
Co. also recorded notable gains, with their shares closing at SR7.21 and
SR22.56, marking an increase of 6.19 percent and 5.82 percent, respectively. The
Co. for Cooperative Insurance and Saudi Paper Manufacturing Co. also fared
well.
On the announcement front, Saudi German Health
successfully concluded the offering of its Saudi Riyal-denominated sukuk,
reaching a total value of SR1 billion.
The offering comprised 1 million sukuk, each with
a nominal value of SR1,000, and a fixed annual yield of 7.20 percent, paid out
quarterly over a maturity period of five years.
The company has specified that under certain
conditions detailed in the base prospectus and the final terms, the sukuk may be
redeemed before their maturity date.
Investors can review these final terms, which will
be available on Al Rajhi Capital’s website starting Mar. 6, 2024, the entity
overseeing the subscription management for this issuance.
The allocation of sukuk to investors will be
finalized by the end of Feb. 29, with the settlement process concluding on Mar.
6, 2024.
Furthermore, Saudi German Health plans to list the
sukuk on Saudi Stock Exchange once all regulatory procedures necessary for the
listing are completed, with an announcement to be made at the appropriate
time.
Moreover, Alinma Bank is set to bolster its Tier 1
capital through a strategic move to issue additional sukuk denominated in US
dollars.
This initiative, aimed at enhancing the bank’s
capital base and supporting its general banking operations, follows a board
resolution authorizing the CEO to manage the issuance process.
The planned issuance will be executed by a
special-purpose vehicle, targeting qualified investors both within Saudi Arabia
and internationally.
Participating as joint lead managers, Abu Dhabi
Islamic Bank, Alinma Investment Co., and Emirates NBD, have been appointed to
oversee the issuance, as well as J.P. Morgan Securities, MUFG Securities EMEA,
and Standard Chartered Bank.