Saudi Arabia's Tadawul All Share Index slipped on Wednesday, shedding 27.19 points, or 0.25 percent, to close at 11,006.80. The benchmark index recorded a total trading turnover of SR4.99 billion ($1.33 billion), with 158 listed stocks advancing and 98 declining.
Parallel Market Nomu Gains
The Kingdom's parallel market Nomu gained 57.13 points, or 0.25 percent, to close at 23,055.81. The MSCI Tadawul Index edged down by 0.58 percent to 1,468.33.
Top Performers and Decliners
The best-performing stock on the main market was Wafrah for Industry and Development Co., whose share price increased by 10 percent to SR21.78. The share price of Umm Al Qura for Development and Construction Co. rose by 10 percent to SR18.48. Saudi Fisheries Co. also saw its stock price climb by 9.94 percent to SR59.75.
Conversely, the share price of Al-Rajhi Co. for Cooperative Insurance declined by 4.41 percent to SR55.30.
ADES Holding Acquisition
On the announcements front, ADES Holding Co. said that its wholly owned indirect subsidiary, ADES Saudi Ltd., has signed a binding agreement to acquire Saudi Arabian Saipem Ltd., a subsidiary of Saipem International B.V., for SR1.07 billion. The deal includes the acquisition of five operational jack-up drilling rigs, consisting of three owned units: Perro Negro 7, Perro Negro 8, and Perro Negro 10, and two leased rigs: Perro Negro 11 and Perro Negro 13.
The company further said that four of the rigs are currently operating in the Kingdom, while the fifth is operating in Mexico under an existing lease contract. ADES Holding intends to finance the acquisition through available cash and existing financing facilities, according to a statement.
The company expects the deal to strengthen its position as the national drilling champion in its core Saudi market and further strengthen its international jack-up drilling platform. The share price of ADES Holding increased by 2.53 percent to SR18.66.
