Al Naqool shares up 381% in 6 sessions; reach SAR 101

Logo of Mohammed Hasan Al Naqool Sons Co.

Shares of Nomu-listed Mohammed Hasan Al Naqool Sons Co. rose by the maximum daily limit of 30% to reach SAR 101 during today’s (June 9, 2021) session.

Accordingly, the stock gained 381%, or SAR 80, in six sessions, compared to the price guidance of SAR 21.

Nearly 69,400 shares were traded at a total value of SAR 7 million through 23 transactions, or 3,017 shares per transaction.

On Dec. 30, 2020, the company received the approval of the Capital Market Authority (CMA) to register shares for a direct listing on the parallel market, provided the shares are traded by qualified investors, according to data compiled by Argaam.

The firm published the registration form of its direct listing on Nomu on April 27, 2021, and set the price guidance at SAR 21 per share.

This represented the fourth direct listing on Nomu following the listing of Riyadh Cement Co. in September 2020, Watani Iron Steel Co (February 2021) and Fesh Fash Snack Food Production Co. in May.

It will also be the third listing on Nomu this year.

Al Naqool was established in early 1977 as a Saudi closed shareholding company, with SAR 29 million capital, divided into 2.9 million shares.

The company's main activity is manufacturing of hollow cement blocks and bricks, as well as ready-mixed concrete. Its activities include the following:

- Production of cement blocks and ready-mixed concrete.

- Aluminum, blacksmithing and carpentry works.

- Buying lands, constructing buildings on them, and investing by selling or renting for the interest of the company.

- Import, export, commercial and distribution agent’s services.

- Transportation and crushers.

Al Naqool's current activity is manufacturing and production of ready-mixed concrete.