Shares of “Awlad Al-Ghanim” rise on the first trading day on the Kuwait Stock Exchange

The shares of Ali Al-Ghanim & Sons Kuwaiti Automotive Company closed on Tuesday at 884 fils ($2.89) on the first day of trading in the first market in the Kuwait Stock Exchange. Traded 36 million shares. This comes while the total trading value of the stock exchange, which does not include those of Ali Al-Ghanim Company, on Tuesday amounted to 46.2 million dinars, and the trading volume of 178.9 million shares.
The subscription aimed to offer about 124.88 million shares of the company’s shares at a price of 793 fils per share, with a total value of 99 million dinars for qualified investors in order to increase the shareholder base as one of the basic requirements for listing in the first market of the Kuwait Stock Exchange.
Fahd Ali Al-Ghanim, Chairman of the Company’s Board of Directors, said: “This offering is the largest in the Kuwait Stock Exchange, and we will continue to pounce on any opportunity inside or outside Kuwait.” He stressed that the company’s presence in the Kuwait Stock Exchange will make it more trusted by global car dealerships, and thus its chances will be better to win any future deals.
The company’s capital is 27.75 million dinars, and in 2021 it achieved revenues of 169 million dinars and 14.7 million dinars in net profits.
Yesterday, the first market index fell by 0.37%, the main market 50 by 0.86%, the main market by 0.69%, and the general market by 0.44%. Shares of Aayan Leasing and Investment Company fell 10.6%, Kuwait National Investments 7.1% and Kuwait Finance House 0.9%.