Saudi Arabia remains top contributor to Pakistan’s remittances during current fiscal year

Closing Bell: TASI closes in green with 12,296 points, reaches $2.9bn trading volume 

RIYADH: Saudi Arabia’s Tadawul All Share Index concluded its Monday trading at 12,295.91 points, recording an increase of 86.85 points or 0.71 percent.  

The Kingdom’s parallel market Nomu also advanced by 4.50 points or 0.02 percent to 25,305.48 points. 

The MSCI Tadawul 30 Index edged up 10.76 points to 1,591.25, marking a 0.68 percent growth.  

By the close of trading, the primary index recorded a turnover of SR11 billion ($2.9 billion), as 96 stocks increased and 125 retreated.   

Conversely, Nomu posted a trading volume of SR30.8 million. 

On the announcement front, the Middle East Healthcare Co. has initiated a sukuk issuance in Saudi riyals, targeting a raise of SR1 billion.  

The subscription period is set from Feb. 12 to Feb. 25, 2024, with each sukuk priced at SR1,000, carrying a five-year maturity, according to a bourse filing. 

Aimed at both individual and institutional investors, the minimum subscription is set at five sukuk, totaling SR5,000. 

Al-Rajhi Financial Co. will manage institutional investments, while individual investors can apply through Al-Rajhi Bank’s online platforms.  

The Middle East Healthcare Co. also outlined provisions for the early redemption of the sukuk under specific conditions, detailed in the basic issuance prospectus, ensuring flexibility and security for investors.

Furthermore, Etihad Atheeb Telecommunications Co. announced the start of its capital increase subscription phase and trading period for priority rights, aiming to raise its capital from SR89.99 million to SR339.99 million.  

This initiative, valuing SR250 million, commenced on Feb. 12 and will conclude with the trading of priority rights on Feb. 19. The subscription phase will continue until Feb. 25. 

The telecom giant plans to issue 25 million shares at a nominal value of SR10 per share, marking a 277.78 percent increase in its capital. 

Shareholders are allocated approximately one right for every share currently held, the company stated in a Tadawul filing. 

Moreover, United Electronics Co., also known as Extra, announced its financial results for Dec. 31, 2023.  

The company saw SR6.2 billion in revenue in 2023, a 2.81 percent growth compared to the year before. 

According to a bourse filing, this development is attributed to a marginal increase in retail sector sales, revenues from the company’s services, and consumer finance growth. 

However, the company’s net profit saw a significant drop from SR440 million in 2022 to SR390 million last year, an 11.29 percent decrease. 

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