Jul 30 2007
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Saudi Arabia: Kingdom Holding Shares Rise 19.51% on Debut
The SR10.25 KHC shares, which are trading on Tadawul services sector, opened at SR13.50 and reached a high of SR14.50 and a low of SR12 during the trading.
Subscription for the KHC 's initial public offering (IPO), which closed on July 18, saw subscribers investing around SR8.5 billion into the company covering the IPO by 264 percent.
Prince Alwaleed bin Talal, chairman of KHC , said in a statement that "I am delighted to see our shares start trading on the market and feel confident that the addition of KHC to the Tadawul will benefit investors, the Saudi market and the national economy. I hope investors will recognize the excellent medium to long term opportunity for our shares as we deliver on our proven business strategy and build KHC to even greater heights together with our shareholders."
Apart from KHC , the other top gainers yesterday were Saudi Fransi Cooperative Insurance Co. (Allianz SF) as its shares jumped 9.95 percent to SR160.25, National Agriculture Marketing, up 9.85 percent to SR72.50, Ahmed H. Fitaihi Company, up 9.55 percent to SR43 and Tourism Enterprise Co. gained 7.39 percent to SR69.
Shares in Hail Agriculture fell by 4.52 percent to SR37, Saudi Real Estate Co. by 3.11 percent to SR39, SABB Takaful by 2.41 percent to SR172 and Eastern Agriculture by 1.94 percent to SR88.50.
The stock market turnover crossed SR8 billion yesterday as out of 98 stocks traded shares in 73 companies went up while 12 firms were in negative territory.
The Agriculture index was in the red while all other indices gained yesterday.
In the banking sector, shares in Saudi Hollandi Bank declined yesterday. Bank Albilad shares rose 1.72 percent to SR29.50 and Al-Rajhi Bank shares were higher by 0.34 percent to SR74.75.
Saudi Telecom Co. (STC) and Etihad Etisalat shares gained 0.38 percent to SR66.25 and 1.21 percent to SR62.75, respectively, yesterday.
By Khalil Hanware
© Arab News 2007
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