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FinancialNews


  • 15-02-22

    Saudi East Pipes stocks record increase of 6 percent on financial market debut

    (MENAFN) Stocks in Saudi East Pipes soared by over 6 percent as they made their first appearance on the Saudi financial market on Monday.

    Before listing, the pipes producer had collected SR504 million (USD134 million) of profits from an initial public offering.

    The corporation, which is located in Dammam, was created 12 years ago and focuses in producing steel pipes in the country.

    East Pipes was amongst the Saudi financial market highest performers on the stock exchange, making an intraday high trade of SR90.2 (USD24.04) and a low of SR84.4 (USD22.49). At the closing bell, the stock hit SR85 (USD22.65), surging by 6.23 percent from the initial public offering price of SR80 (USD21.32).

    MENAFN15022022000045013568ID1103699094

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