{"id":83839,"date":"2024-02-28T00:00:00","date_gmt":"2024-02-28T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/ksa\/2024\/02\/28\/avalon-pharma-shares-pop-in-tadawul-debut\/"},"modified":"2024-02-28T00:00:00","modified_gmt":"2024-02-28T00:00:00","slug":"avalon-pharma-shares-pop-in-tadawul-debut","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/ksa\/2024\/02\/28\/avalon-pharma-shares-pop-in-tadawul-debut\/","title":{"rendered":"Avalon Pharma shares pop in Tadawul debut"},"content":{"rendered":"

Good morning, wonderful people. <\/strong>We have another busy issue for you this morning, with capital markets still dominating news flow as eXtra prepares to IPO its consumer finance arm and both the PIF and our friends at Cenomi take debt to market. <\/p>\n

^^ We have the rundown on these stories and more in this morning\u2019s news well. <\/p>\n

<\/a> BUT FIRST- Shares of Avalon Pharma popped yesterday, closing up 30% \u2014 the maximum <\/strong>allowed \u2014 <\/strong>as they made their debut on the Tadawul\u2019s main market. Avalon closed at SAR 106.60 a piece, up from an opening price of SAR 82. The drug maker sold 600k shares in its IPO earlier this month<\/a>, good for a 30% stake.<\/p>\n

AND- Institutional investors will be able to place orders today and tomorrow for the rump <\/strong>offering of <\/strong>Etihad Atheeb Telecommunication<\/strong>. <\/strong>Some 876.6k shares are on offer after the company\u2019s capital raise was 96.5% subscribed, Etihad said in a filing to Tadawul<\/a> yesterday. Alinma Investment is running the offering and serving as underwriter. <\/p>\n

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WATCH THIS SPACE-<\/p>\n

#1- <\/strong>We\u2019re making progress connecting our electricity grid to Egypt\u2019s: <\/strong>Infrastructure for the 3 GW Saudi-Egypt electrical interconnection project<\/a> is 40%-50% complete, a government source told Enterprise Climate. The project \u2014 which consists of three stations connected via 1.35 km of overhead lines and 22 kms of submarine cables in the Gulf of Aqaba \u2014 is expected to come fully online in 2026, the source added.<\/p>\n

There have been a few delays \u2014 not uncommon in projects like this: <\/strong>Trial operations for the USD 1.8 bn linkup of the two grids<\/a> were set to begin in May 2025 with an official operational launch set for later in the same year. The first 1.5 GW phase was to have started operations in June 2025, followed by the second and final 1.5 GW phase in November 2025.<\/p>\n

In context: <\/strong>Officials are positioning the Kingdom as a new regional exporter of clean power and are also exploring interconnections with the Greek grid that would allow us to sell green electrons to Europe. Egypt, meanwhile, is looking to sell green power and to use it to power hydrogen plants as it and the Kingdom look to capture part of the still-nascent European and regional market for green hydrogen. <\/p>\n

Sound smart: <\/strong>Hydrogen is widely seen as a promising clean(er) fuel for hard-to-decarbonize sectors including maritime transport and heavy industry.<\/p>\n

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<\/a> #2- Speaking of cleaner fuels: \u201cClean\u201d diesel and gasoline are now available at your <\/strong>closest filling station. <\/strong>The Energy Ministry has completed the roll-out of cleaner diesel and Euro-V spec petrol across the Kingdom\u2019s stations, replacing traditional diesel and gasoline fuels in the market, it said in a statement<\/a> yesterday.<\/p>\n

Why this matters: <\/strong>Diesel is a key fuel for commercial transport fleets, but it\u2019s generally more polluting than gasoline. Set in 2009 as a European standard, Euro-V is one of the cleanest diesels in the world, with fewer particulates and less sulfur being emitted when it is burned in an engine. Only the more recently introduced Euro-VI standard is cleaner.<\/p>\n

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<\/a> #3- Ireland is looking to reel in investments from GCC sovereign wealth funds for its <\/strong>infrastructure projects<\/strong>, the country\u2019s Enterprise, Trade and Employment Minister Simon Coveney told <\/a>Reuters<\/a> on the sidelines of the WTO meeting ongoing in Abu Dhabi. Coveney said Ireland\u2019s growing trade ties to Saudi Arabia and the UAE are behind the interest. <\/p>\n

#4- <\/strong>A new shipping line in the Red Sea:<\/strong> Feeder and short-sea shipping company Folk Maritime has launched here, expanding the kingdom\u2019s connection with other Red Sea ports, Splash 247<\/a> reports. The new shipping line will operate two Red Sea services, using two 2.5k TEU feeders, connecting Jeddah with Neom, Yanbu and Ain Sokhna, Egypt. A smaller 700 TEU ship linked with Sudan will operate every two weeks.<\/p>\n

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HAPPENING TODAY-<\/p>\n

The <\/strong>Human Capability Initiative<\/a><\/strong> will open today <\/strong>in Riyadh.<\/strong> It wraps on Thursday. <\/p>\n

WEATHER- Expect a strong breeze in Riyadh and Jeddah today <\/strong>with some scattered clouds in Dammam. <\/p>\n