SMASCO to debut on TASI on June 12

Logo of Saudi Manpower Solutions Co. (SMASCO)

Saudi Manpower Solutions Co. (SMASCO) will begin trading on the Saudi Exchange (Tadawul) on June 12 under the symbol 1834 and ISIN Code SA562G3GSL11.

The stock will trade with ±30% daily and ±10% static price fluctuation limits in the first three days, Tadawul said in a statement.

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From the fourth trading day onwards, the daily price fluctuation limits will revert to +/-10%, while the static price fluctuation limits will no longer apply.

In a separate statement, the Securities Depository Center Co. (Edaa) announced today, June 11, adding the subscribed securities in SMASCO to the accounts of eligible shareholders.

According to data available on Argaam, the company floated 120 million shares, or 30% of capital. It allocated 90% to participating parties, while the remaining 10% was allotted to individuals. The stock’s par value is SAR 1.

The two-day retail offer started on May 26 and ended on May 27.

The retail offering was 13x covered, with a minimum of 10 shares allocated to each subscriber. Rump shares were allocated on a pro rata basis, depending on the demand size.