TASI sheds 98 points; Aramco’s Luberef IPO to raise $1.32bn: Closing bell  

TASI sheds 98 points; Aramco’s Luberef IPO to raise $1.32bn: Closing bell  

RIYADH: Saudi Arabia’s benchmark index shed 98 points on Sunday as investors shied away from the market due to uncertainties in the global economy, triggered by ongoing geopolitical tensions and soaring inflation. The Tadawul All Share Index, known as TASI, was down 0.91 percent to 10,723, while the parallel market Nomu slipped 14 points or 0.99 percent to 1,485. Of the 219 companies listed on TASI on Sunday, 31 advanced, while 176 declined. According to the data from Tadawul, the total trading turnover closed at SR2.9 billion ($770 million) on Sunday. The most crucial announcement that came during the early hours of trading on Sunday was from Saudi Aramco Base Oil Co., also known as Luberef, which decided to raise up to SR4.95 billion from its initial public offering. According to a statement, Luberef will sell nearly 30 percent of the firm’s issued share capital, or 50.045 million shares, at between 91 and 99 riyals each. The final share price is expected to be unveiled next Sunday, with subscriptions for individual investors running from Dec. 14 -18. A date is not yet been finalized for shares to begin trading on the Tadawul exchange. Saudi Aramco owns 70 percent of Luberef,