{"id":87096,"date":"2024-06-12T00:00:00","date_gmt":"2024-06-12T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/ksa\/2024\/06\/12\/smasco-shares-hit-the-tadawul-today\/"},"modified":"2024-06-12T00:00:00","modified_gmt":"2024-06-12T00:00:00","slug":"smasco-shares-hit-the-tadawul-today","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/ksa\/2024\/06\/12\/smasco-shares-hit-the-tadawul-today\/","title":{"rendered":"Smasco shares hit the Tadawul today"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Good morning, ladies and gentlemen.<\/strong> It\u2019s the penultimate workday before the extended Eid Al Adha holiday, but the news cycle hasn\u2019t quite entered vacation mode.<\/p>\n<p class=\"tag-border-left\">THE BIG STORY TODAY-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Aramco closed what is the \u201clargest secondary offering in EMEA\u201d in more than two <\/strong><strong>decades<\/strong>, raising USD 11.2 bn from its sale of a 0.64% stake. Meanwhile, the World Bank maintained its growth forecast for the Kingdom in 2024 and 2025, with expectations that the economy will pick up steam next year. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">^^ We have chapter and verse on these stories and more in this morning\u2019s news well, below. <\/p>\n<p class=\"tag-border-left\">HAPPENING TODAY-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt1\"><\/a>  <strong>Shares of <\/strong><strong>Saudi Manpower Solutions <\/strong><strong>start<\/strong><strong> trading on Tadawul\u2019s main market this<\/strong> <strong>morning at SAR 7.50 apiece.<\/strong> The Riyadh-based labor agency\u2019s stock will be allowed to trade within a \u00b130% range for the first three days before being capped at no more than 10% up or down after that before circuit breakers kick in. (All shares on Tadawul are subject to the 10% up-or-down rule.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>REMEMBER-<\/strong> Smasco\u2019s IPO <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/8a0c26ac-91ab-4953-9ea7-fb4b2e3dd793\/labor-agency%253cmark%253e-smasco%253c%2Fmark%253e-prices-ipo-at-the-top-of-the-range\" style=\"\" rel=\"noopener\">drew in strong demand<\/a>, with the institutional tranche of the offering closing 128x oversubscribed, drawing in orders worth SAR 115 bn. The company is taking a 30% stake to market in a secondary share sale, with the pricing of the offering set to raise some SAR 900 mn for Smasco. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Up next for capital markets:<\/strong> Miahona, Rasan, and Fourth Mills are all in the last legs of their IPOs.<\/p>\n<hr style=\"height:2px;border-width:0;color:gray;background-color:gray\">\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ALSO- The Public Investment Fund\u2019s FII Priority summit is on its second day today<\/strong><strong> in Rio de Janeiro<\/strong> and comes to a close tomorrow. The invitation-only event, headlined Invest in Dignity, will bring together government officials and senior business and finance executives to deliberate on key topics including renewables, AI tech, and biodiversity. Check out the <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/6\/885.pdf\" style=\"\" rel=\"noopener\">event\u2019s factsheet (pdf)<\/a>. The last such event was held in February 2024 in Miami, while the Asia iteration was held <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/1cf6e512-02f8-4d9a-8422-73e99a9fecb5\/the-hong-kong-iteration-of-davos-in-the-desert-took-place-over-the-weekend\" style=\"\" rel=\"noopener\">in Hong Kong in December 2023<\/a>. <\/p>\n<hr style=\"height:2px;border-width:0;color:gray;background-color:gray\">\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>WEATHER- Look for more heat, with some thunderstorms:<\/strong> Riyadh will see thunderstorms with a daytime high of 45\u00b0C which will drop towards 31\u00b0C at night. Makkah will see cloudy weather with a daytime high of 44\u00b0C and a low of 31\u00b0C, while Madinah is set for the mercury to peak at 45\u00b0C and hit a low of 31\u00b0C.<\/p>\n<p class=\"tag-border-left\">HAPPENING TOMORROW-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Crown Prince Mohammed bin Salman is scheduled to attend the <\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.g7italy.it\/en\/summit\/\" style=\"\" rel=\"noopener\">G7 Summit<\/a><\/strong><strong>,<\/strong><strong> which kicks off tomorrow <\/strong><strong>in Italy\u2019s Borgo Egnazia resort in Apulia.<\/strong> Talks are set to focus on AI, energy, and addressing opportunities and challenges in Africa, China, and the Mediterranean. The summit wraps on Saturday.<\/p>\n<p class=\"tag-border-left\">PSAs- <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#1- <\/strong><strong>The Industry and Mineral Resources Ministry has updated<\/strong><strong> requirements to obtain<\/strong><strong> industrial licenses<\/strong>, it said in <a target=\"_blank\" href=\"https:\/\/x.com\/mimgov\/status\/1800489070432493622\" style=\"\" rel=\"noopener\">a post on X<\/a>. The list of requirements \u2014 which varies depending on the industrial project\u2019s progress \u2014 include a valid commercial register covering all industrial activity, safety and environmental approvals from authorities and other approvals from relevant authorities.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt2\"><\/a> <strong>#2- <\/strong><strong>All government entities in the Kingdom are going to be required to integrate their e-services into the<\/strong> <strong><a target=\"_blank\" href=\"https:\/\/ta.sdaia.gov.sa\/index-en.html\" style=\"\" rel=\"noopener\">Tawakkalna platform<\/a><\/strong> as mandated by The Digital Governance Authority (DGA), <a target=\"_blank\" href=\"https:\/\/www.okaz.com.sa\/news\/local\/2163690\" style=\"\" rel=\"noopener\">Okaz reported<\/a> citing a directive from the DGA governor. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The details:<\/strong> The first phase of the integration process will cover about 30% of government e-services, with the second phase aiming to add another 35% by the end of 3Q 2024, reaching a total of 65% by 2025, it said. The DGA is looking to have all government bodies integrated into Tawakkalna by July 2026.<\/p>\n<p class=\"tag-border-left\"> WATCH THIS SPACE-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt3\"><\/a> <strong>#1- <\/strong><strong>Shalfa gets green light for Nomu IPO:<\/strong> Riyadh-based waste management company <a target=\"_blank\" href=\"https:\/\/shalfa.sa\/\" style=\"\" rel=\"noopener\">Shalfa<\/a><a target=\"_blank\" href=\"https:\/\/shalfa.sa\/\" style=\"\" rel=\"noopener\">Group<\/a> has lined up Capital Market Authority (CMA) approval to debut its shares on Tadawul\u2019s parallel market Nomu, according to <a target=\"_blank\" href=\"https:\/\/cma.org.sa\/Market\/News\/pages\/CMA_N_3572.aspx\" style=\"\" rel=\"noopener\">a CMA statement<\/a>. Shalfa is looking to offer a 15% stake in the company to qualified investors.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#2- Abu Dhabi-based investment firm <\/strong><strong><a target=\"_blank\" href=\"https:\/\/eshraquae.com\/\" style=\"\" rel=\"noopener\">Eshraq Investments<\/a><\/strong><strong> is looking to expand in the<\/strong><strong> UAE and Saudi in a handful of \u201ckey\u201d sectors<\/strong>, including technology, artificial intelligence, and healthcare, Chairman Fahad Al Qassim told CNBC Arabia (<a target=\"_blank\" href=\"https:\/\/www.youtube.com\/watch?v=OgCeiIckDK0\" style=\"\" rel=\"noopener\">watch, runtime: 13:54<\/a>).<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#3- Some 351 residential and commercial properties across the Kingdom are part of 26<\/strong><strong> public auctions<\/strong> held by the Entrustment and Liquidation Center (Infath), according to <a target=\"_blank\" href=\"https:\/\/www.spa.gov.sa\/N2120478\" style=\"\" rel=\"noopener\">state news agency SPA<\/a>. The auctions \u2014 which kicked off yesterday and run until the end of the month \u2014 will be held in Riyadh, Makkah, Madinah, Al Qassim, Al Jawf, Hail, Tabuk, Asir, Al Sharqiya, and Jizan. More details are available on the <a target=\"_blank\" href=\"https:\/\/infath.gov.sa\/web\/guest\/auctions?sort=ddm__keyword__1717382__Status_String_sortable\" style=\"\" rel=\"noopener\">Infath Auction Page<\/a>.<\/p>\n<p class=\"tag-border-left\">DATA POINT-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>R<\/strong><strong>emittances from expats living in the Kingdom rose 14% y-o-y to SAR 11.4 bn in April<\/strong>, <a target=\"_blank\" href=\"https:\/\/www.arabnews.com\/node\/2528186\/business-economy\" style=\"\" rel=\"noopener\">Arab News<\/a> reported, citing data from Saudi Central Bank (Sama). <\/p>\n<p class=\"tag-border-left\">OIL WATCH-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt4\"><\/a>  <strong>#1- Opec still expects strong global oil demand:<\/strong> Opec maintained predictions that global oil demand will grow 2.2 mn barrels per day (bbl \/ d) this year and 1.85 mn bbl \/ d next year, the group said in its <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/6\/1101.pdf\" style=\"\" rel=\"noopener\">monthly report (pdf)<\/a>. It expects the services sector to maintain \u201cstable momentum\u201d throughout the second half of the year. \u201cIt is projected to be the main contributor to the economic growth dynamic in 2H24, particularly supported by travel and tourism, with a consequent positive impact on oil demand,\u201d the report said.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The Kingdom\u2019s crude oil production was slightly down by 32k barrels in May to 9 mn<\/strong><strong> barrels per day<\/strong>, the report says, citing figures from secondary sources.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>REMEMBER-<\/strong>Opec+ <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/23b2bb82-242d-42f7-a587-6812413add07\" style=\"\" rel=\"noopener\">could start pumping<\/a> more oil into the market over the fall. The alliance will keep in place current production cuts of 3.66 mn bbl \/ d until the end of September, before beginning to \u201cphase out the cuts of 2.2 mn bbl \/ d over the course of a year from October 2024 to September 2025.\u201d They are scheduled to meet again on Sunday, 1 December.<\/p>\n<hr style=\"height:2px;border-width:0;color:gray;background-color:gray\">\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#2- <\/strong><strong>China-bound oil exports are set to take a dip in July:<\/strong> Traders see Saudi crude oil deliveries to China falling to 36 mn barrels next month from 39 mn barrels in June, as Chinese refineries opt for cheaper sources of oil, <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/markets\/commodities\/saudi-crude-oil-exports-china-fall-3rd-straight-month-july-sources-say-2024-06-11\/\" style=\"\" rel=\"noopener\">Reuters<\/a> reports. This comes even as Aramco cut its July official selling prices to Asian buyers, ending a five-month hike, <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/business\/energy\/saudi-arabia-cuts-july-arab-light-crude-oil-osp-asia-2024-06-06\/\" style=\"\" rel=\"noopener\">the newswire reported earlier<\/a>. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>More Russian oil is flowing into Beijing: <\/strong>China\u2019s oil imports from Moscow rose 166% to 378 mn tons in the first four months of the year, while that from Riyadh fell 16.5% to 1.6 mn bbl \/ d.<\/p>\n<p class=\"tag-border-left\">SPORTS-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#1- The national team lost 1-2 to Jordan in the AFC FIFA World Cup qualifiers at Al Awwal <\/strong><strong>Stadium in Riyadh yesterday. <\/strong>Jordan now sits at the top of their group with 13 points after five wins and a loss, with Saudi coming in second with 13 points following four victories, a tie, and a loss.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#2- Formula E is set <\/strong><strong>to return<\/strong><strong> to Saudi in a double-header<\/strong>, with the two races taking place on 14 and 15 February at a new track location in Diriyah, according to Formula E\u2019s <a target=\"_blank\" href=\"https:\/\/www.fiaformulae.com\/en\/news\/501062\" style=\"\" rel=\"noopener\">season calendar<\/a>. <\/p>\n<div class=\"row\">\n<div class=\"col-md-12 subscribe-box-panel\">\n<div class=\"\">\n<div class=\"title\">\n<h4 class=\"fw-lighter mb-10\">   Get <b style=\"font-weight: 700\">Enterprise<\/b> daily   <\/h4>\n<\/p><\/div>\n<p class=\"mb-10\">The roundup of news and trends that move your markets and shape corporate agendas delivered straight to your inbox.<\/p>\n<p>  <a target=\"_blank\" href=\"ksa\/en\/user\/NewsLetters\" class=\"btn-green px-3 d-flex align-items-center\" rel=\"noopener\">Subscribe here<\/a>  <\/div>\n<\/p><\/div>\n<\/p><\/div>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>***<br \/><\/strong><strong>DID YOU KNOW that we also cover <\/strong><strong><a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/user\/news-letters\" style=\"\" rel=\"noopener\">Egypt<\/a><\/strong><strong> and the <\/strong><strong><a target=\"_blank\" href=\"https:\/\/enterprise.news\/uae\/en\/user\/news-letters\" style=\"\" rel=\"noopener\">UAE<\/a><\/strong><strong>?<\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Want to subscribe? <\/strong><a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/user\/news-letters\" style=\"\" rel=\"noopener\">Tap or click here<\/a> to get your own copy of EnterpriseAM Saudi delivered every weekday before 7am Riyadh time \u2014 without charge, thanks to our friends at Cenomi.<br \/><strong>***<\/strong><\/p>\n<p class=\"tag-border-left\">THE BIG STORY ABROAD- <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The global press\u2019 attention is squarely focused on the ongoing courtroom drama that is<\/strong><strong> US politics<\/strong>, with news that US President Joe Biden\u2019s son Hunter was <a target=\"_blank\" href=\"https:\/\/www.wsj.com\/us-news\/hunter-biden-gun-trial-guilty-4dd4263f?mod=hp_lead_pos2\" style=\"\" rel=\"noopener\">convicted<\/a> for obtaining a gun by lying about his drug use dominating the front pages in the states and beyond. Some think the verdict could be a help, rather than a hindrance, to the Biden campaign, with the New York Times <a target=\"_blank\" href=\"https:\/\/www.nytimes.com\/2024\/06\/11\/us\/politics\/donald-trump-hunter-biden.html\" style=\"\" rel=\"noopener\">writing<\/a> that the verdict undercuts a key Trump talking point \u2014 and fundraising pitch \u2014 about a rigged justice system.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>MEANWHILE IN TECH NEWS- Apple\u2019s AI collab with OpenAI already seems to be paying<\/strong> <strong>off<\/strong>, with Apple shares shooting up 7.3% on the Nasdaq by the end of trading yesterday after having fallen nearly 2% the day before. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The expected boost in iPhone sales could see Apple become the world\u2019s largest <\/strong><strong>company once again<\/strong>, with its market cap now sitting at USD 3.18 tn, just behind the world\u2019s most valuable company Microsoft with USD 3.22 tn. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>FROM THE FRONT LINES OF THE TRADE WAR- The US Treasury is <\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.ft.com.\/content\/1ba434bb-e579-4819-977b-cff6b6b98ecc\" style=\"\" rel=\"noopener\">turning up the heat<\/a><\/strong><strong> on foreign financial institutions with ties to Russia <\/strong>with plans to expand its secondary sanctions on the country. Any foreign financial institutions involved with sanctioned Russian entities will now be treated as if it's dealing with Russia\u2019s military-industrial complex.<\/p>\n<p class=\"tag-border-left\"> CIRCLE YOUR CALENDAR-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong><a target=\"_blank\" href=\"https:\/\/www.norahmovie.com\/\" style=\"\" rel=\"noopener\">Norah<\/a><\/strong><strong> \u2014 Saudi\u2019s first film to screen at Cannes \u2014 will hit theaters at home and abroad<\/strong> <strong>starting Thursday, 20 June<\/strong>, <a target=\"_blank\" href=\"https:\/\/www.spa.gov.sa\/N2109515\" style=\"\" rel=\"noopener\">state news agency SPA<\/a> reported. It tells the story of an illiterate young orphan Norah, crossing paths with an artist called Nader, who moved to the village to be a school teacher. The encounter helps Norah unleash a passion for art and a better future.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Saudi Film Nights by the Film Commission will land in Australia this month with <\/strong><strong>screenings of four Saudi films<\/strong>, <a target=\"_blank\" href=\"https:\/\/www.spa.gov.sa\/N2118062\" style=\"\" rel=\"noopener\">state news agency SPA<\/a> reported. Movie enthusiasts in Sydney and Melbourne can watch adventure movie <a target=\"_blank\" href=\"https:\/\/redseafilmfest.com\/en\/rsiff_film\/hajjan\/\" style=\"\" rel=\"noopener\">Hajjan<\/a>, short film <a target=\"_blank\" href=\"https:\/\/redseafilmfest.com\/en\/rsiff_film\/me-aydarous\/\" style=\"\" rel=\"noopener\">Me &amp; Aydarous<\/a>, comedy film <a target=\"_blank\" href=\"https:\/\/www.netflix.com\/eg-en\/title\/81724610\" style=\"\" rel=\"noopener\">Alhamour H.A<\/a> and animated short movie <a target=\"_blank\" href=\"https:\/\/redseafilmfest.com\/en\/rsiff_film\/saleeg\/\" style=\"\" rel=\"noopener\">Saleeg<\/a> between Wednesday, 26 June to Friday, 28 June.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>PLUS: FII Priority summit continues in Rio de Janeiro<\/p>\n","protected":false},"author":1,"featured_media":87097,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[2540],"tags":[10,29,2053,9],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-87096","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-what-were-tracking-today","tag-enterpriseam-ksa","tag-ipo-watch","tag-saudi-manpower-solutions-smasco","tag-what-were-tracking-today","wpautop","entry"],"acf":{"mongo_id":"393fcaae-8ad2-4fb1-a758-2cea2a10622e","order":"2","is_powered_by":false,"story_type":"4","photo_url":"https:\/\/ent.news\/2024\/4\/2140.jpg","photo_position":"above","homepage_title":"","full_issue_title":"THIS MORNING: Smasco shares start trading on the Tadawul today","related_issue":[87094],"teaser":"PLUS: FII Priority summit continues in Rio de Janeiro","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/6\/.6ff6f92c-175b-4385-9bea-53230fe8e8e6.mp3"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - 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