JEDDAH: Saudi Tadawul Group is planning to allocate 70 percent of its profits as dividends unless it decides to push ahead with expansion plans, according to the firm’s CEO. Khaled Al-Hussan said the company, which had a strong debut on the Kingdom’s stock market, does not currently have any financial obligations, and is planning to enter the debt market. Its share price reached SR119 ($31.7) on Wednesday Dec. 8, fluctuating between an intraday high of SR127.6 and a low of SR115.4. Speaking to Asharq, Al-Hussan said: “At the time of offering we had allocated a policy about dividends distribution, in which the target is to distribute 70 percent of the company’s profits unless there was a need to use these profits for strategic development issues.” Al-Hussan said that 20 percent of the institution’s tranche subscription went to foreign investments. The market legislation now allows double listing, a move to attract foreign companies who are listed in other markets to join the Saudi stock exchange for initial public offerings. The group is currently in discussions with companies in this regard, said Al-Hussan, adding: “We will see companies that will be double-listed.” The group’s revenues come from two subsidiaries — Tadawul, and The Securities Depository Centre, also known as Edaa. Tadawul announced last April that it will become a holding company under the name Saudi Tadawul Group, with four subsidiaries. The new companies are Saudi Exchange Tadawul, Securities Clearing Center Co., known as Muqassa, Edaa, and a new company called Tadawul Advanced Solutions Co.