RIYADH: Saudi Arabia’s Tadawul All Share Index rose on Wednesday, gaining 94.52 points, or 0.78 percent, to close at 12,165.93. The total trading turnover of the benchmark index was SR10.61 billion ($2.83 billion) as 137 of the listed stocks advanced, while 77 retreated. Similarly, the MSCI Tadawul Index increased by 14.87 points, or 0.95 percent, to close at 1,576.00. Also, the Kingdom’s parallel market Nomu rose, gaining 58.97 points, or 0.23 percent, to close at 25,720.49. This comes as 26 of the listed stocks advanced while as much as 27 retreated. The best-performing stock of the day was National Gas and Industrialization Co., whose share price surged 7.30 percent to SR80.30. Other top performers include Etihad Atheeb Telecommunication Co. and Takween Advanced Industries Co., whose share prices soared by 5.70 percent and 1.78 percent, to stand at SR62.80 and SR 21.40 respectively. In addition to this, other top performers included Middle East Healthcare Co. and Makkah Construction and Development Co. The worst performer was Sustained Infrastructure Holding Co., whose share price dropped by 1.65 percent to SR30.35. Other worst performers were Savola Group as well as United Electronics Co., whose share prices dropped by 1.85 percent and 2.90 percent to stand at SR46.15 and SR91.10, respectively. Moreover, other worst performers also include Anaam International Holding Group and National Agricultural Development Co. On the announcements front, Saudi Electricity Co announced on Tadawul the completion of a $2.2 billion sukuk offer, consisting of two tranches: a five-year tranche worth $800 million and a 10-year tranche worth $1.4 billion. On another note, HSBC Saudi Arabia, acting as the sole financial advisor, global coordinator, and joint bookrunner, has announced the intention of Modern Mills Co. to proceed with its initial public offering on Saudi Exchange’s main market. In a statement, the company said that the offering is anticipated to involve the sale of existing shares, amounting to 30 percent of the company’s share capital. Also, Savola Group has unveiled its board’s proposal to bolster its capital by SR6 billion through a rights issue. According to a Tadawul statement, this strategic move aims to fortify Savola’s financial standing, enabling sustained investment in portfolio growth while reducing debt burdens. Post the rights issue, Savola intends to distribute its entire 34.52 percent stake in Almarai, a food and beverage entity in the Middle East, to its shareholders. This initiative seeks to unlock additional value for Savola’s shareholders, the statement said. The company reported revenues of SR26.8 billion for 2023, compared to SR28.1 billion for the same period last year, a 4 percent decline. It attributed the decrease to a drop in the revenues of the foods processing segment due to lower crude edible oil prices, foreign exchange devaluation in certain overseas markets, disposal of investment in Savola Morocco Co. and temporary suspension of operations in Sudan.