Saudi stock index takes a break while Riyadh prepares for Najran Cement's IPO
2012-04-03 - | Saudi Arabia | Latest News - Saudi Arabia: The Saudi Arabian Tadaul bourse ended flat Monday, closing at 7,908.3 points amid sluggish oil prices. The price of the black gold (WTI) fell slightly below $103 per barrel today, marking a 4.2% decline over the last two weeks, as "Saudi oil production is at the highest level in 30 years, in order to compensate Iran's oil exports' reductions due to sanctions," according to Citigroup Middle East Chief Economist Farouk Soussa. Market breadth stood neutral on Monday, as 68 shares advanced, while 65 declined. Earlier in the day, the Capital Market Authority said is has issued its resolution approving the initial public offering of 85,000,000 shares, which represent half of Najran Cement Company share capital. The offer price will be SR10 per share, and the subscription period will be from April 16 to April 22. According to the company's website, "Najran Cement Company was established in 2005 as a Saudi Closed Joint Stock Company with a paid up capital of SR1,150m. The firm's objective is to be a main supplier of cement in the southern region and an important exporter to Yemen."  

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