Business

Saudi bourse operator Tadawul prices IPO at top of range, raises $1.01 bln

Saudi Tadawul Group raised 3.78 billion riyals ($1.01 billion) on Sunday via an initial public offering (IPO) that was priced at the top of the indicated range and 121 times oversubscribed.

The company, which operates the kingdom's stock exchange, sold 36 million shares at 105 riyals apiece, it said in a statement after market hours. The price range given earlier had been 95 riyals to 105 riyals per share.

The total order book was 458 billion riyals, it said.

For the latest headlines, follow our Google News channel online or via the app.

The IPO of Saudi Tadawul, which is backed by Saudi Arabia's sovereign wealth fund PIF, is one of a flurry of deals in the kingdom following the 2019 listing of Saudi Aramco, the world's biggest flotation, which raised $29.4 billion.

Prominent IPOs this year have been ACWA Power International's $1.2 billion flotation and Saudi Telecom Co's IPO of Arabian Internet and Communications Services Co, which raised about $966 million.

The Saudi stock market is the Arab world's largest. Its listed companies have a total market capitalization of nearly $2.7 trillion.

Tadawul has converted itself into a holding company, with the bourse, called Saudi Exchange, its securities clearing and depository businesses and technology services becoming subsidiaries.

SNB Capital Co, JPMorgan Saudi Arabia and Citigroup Saudi Arabia are acting as financial Advisors, joint global coordinators, underwriters and bookrunners for the IPO.

Saudi Tadawul Group to offer 30 pct of company’s capital in IPO

Saudi Arabia’s utility developer ACWA Power plans IPO on Riyadh bourse

Business

Credit Suisse managers could face disciplinary action, Swiss regulator says

Swiss financial regulator FINMA said it was considering whether to take disciplinary action against Credit Suisse managers after Switzerland’s second largest bank had to be rescued last week by UBS.
FINMA President Marlene Amstad told Swiss newspaper NZZ am Sonntag it was “still open” whether new proceedings would be started, but the regulator’s main focus was on “the transitional phase of integration” and “preserving financial stability.”

For the latest headlines, follow our Google News channel online or via the app.
UBS agreed to buy Credit Suisse for 3 billion Swiss francs ($3.26 billion) in stock a week ago and to assume up to 5 billion francs in losses in a merger engineered by Swiss authorities during a period of market turmoil in global banking.
Credit Suisse on Sunday declined to comment on the FINMA President’s comments when asked by Reuters for a response.
Asked whether FINMA is looking into holding current Credit Suisse managers accountable for the collapse of Switzerland’s second-largest bank, Amstad said it is “exploring the options”.
“CS had a cultural problem that translated into a lack of responsi-bilities,” Amstad was quoted as saying by NZZ, adding: “Numerous mistakes were made over several years”.
FINMA had conducted six public “enforcement proceedings” against Credit Suisse in recent years, Amstad said.
“We have intervened and used our strongest instruments,” she said of its previous moves.
Amstad also defended Switzerland’s decision to write down 16 billion Swiss francs of Credit Suisse Additional Tier 1 (AT1) debt, to zero as part of the forced rescue merger.
“The AT1 instruments contractually provide that they will be fully written off in the event of a trigger event, in particular the granting of extraordinary government support,” Amstad said.
“The bonds were created precisely for such situations.”

Credit Suisse buyout was for financial stability: Bank chief

Credit Suisse, UBS deal: What you need to know

Business

Aramco affirms support for China’s energy security

Saudi Arabian oil giant Aramco affirmed on Sunday its support for China’s long-term energy security and development, the company’s CEO Amin Nasser said in remarks made before a forum in Beijing.

For the latest headlines, follow our Google News channel online or via the app.

Nasser said that the company has partnerships and emission-reducing technologies with China to make lower carbon products.

Oil prices hit lowest in 15 months on banking fears

European Commission to revamp power market rules, aiming to blunt price spikes

Business

Kuwait Oil Co dealing with ‘limited fire’ at well where oil leak occurred last week

Kuwait Oil Company said on Sunday it is dealing with a “limited fire” that erupted at a well where oil leaked last week.
The company said in a statement that no injuries had been reported at the scene.
“The company’s operations in the area have not been affected,” the statement read.
Kuwait Oil Company declared a state of emergency last Monday due to an oil leak in the west of the country.

Developing