‎Elm hits highest level since listing

Saudi Arabia

‎Elm hits highest level since listing

Shares of Elm Co., listed under the information technology (IT) and digital services sector, rose 8% today, June 5, to hit an all-time high of SAR 500 each.

Nearly 265,000 shares have been traded so far.

Thus, the stock’s gains amounted to around 300%, compared to the listing price of SAR 128.

According to data available with Argaam, Elm entered today into preliminary talks with Thiqah Business Services Co. to buy Public Investment Fund’s (PIF) entire ownership in Thiqah.

Established in 1988, Elm became listed on the Saudi Exchange (Tadawul) in February 2022, with a capital of SAR 800 million. No capital adjustments have been made since the stock’s debut.

The company operates in establishing, managing, operating and investing in industrial facilities.

Elm’s core activities include the provision of telecommunications, IT, information security, e-business, and credit information sharing services. It also provides digital services that link public and private sectors, in addition to managing, equipping, operating, and maintaining data and information centers.

Further, Elm is engaged in wholesale and retail trade of hardware, software and telecommunication networks. It also offers e-commerce websites through its project management, marketing, and technical investment services.