GAMI bolsters Saudization efforts through tie-up with HR development fund

RIYADH: Saudi Arabia’s Tadawul All Share Index wrapped up Monday’s trading session at 11,118.94 points, witnessing a decline of 18.09 points or 0.16 percent.

Concurrently, the MSCI Tadawul 30 Index ended the day at 1,442.87 points, dropping 4.06 points or 0.28 percent. However, the parallel market Nomu increased by 179.94 points to 23,863.30, a 0.76 percent growth. 

By the close, TASI reported a trading turnover of SR7.1 billion ($1.9 billion), with 124 stocks making gains and 87 witnessing declines. Nomu, on the other hand, saw a trading turnover of SR16.1 million. 

Naqi Water Co. emerged as TASI’s standout performer, surging 9.91 percent to SR72.10. 

Ades Holding Co. and Al-Omran Industrial Trading Co. also posted significant gains, closing at SR22.80 and SR35.50, up by 8.57 percent and 7.58 percent, respectively. 

On the announcement front, Saudi Arabia’s First Milling Co. revealed its intention to purchase shares to boost its employee incentive plans. 

The company aims to buy a maximum of 300,000 shares to be allocated to its employee stock long-term incentive plan.

Its board’s proposal is set to be discussed at the upcoming extraordinary general assembly meeting, the date of which will be announced later.

According to a bourse filing, this move follows the fulfillment of all solvency conditions as specified for listed joint stock companies. 

First Milling Co.’s stock price closed at SR69.60, an increase of 3.11 percent.

Moreover, Tadawul announced the listing and trading shares of Almujtama Alraida Medical Co. on Nomu. 

The company manages a network of pharmacies retailing medicines, pharmaceutical products and cosmetics. It also offers medical equipment, instruments and supplies across Saudi Arabia.

Additionally, the enterprise boasts a portfolio of 157 pharmacies, comprising 125 operational outlets and 32 under construction.  

These upcoming branches are slated to commence operations within the next 12 months. The company has a strong presence in the Kingdom, with a particular focus on the Western region.