AMAK shares jump over 60% in first six trading sessions

Logo of Al Masane Al Kobra Mining Co. (AMAK)

Shares of Al Masane Al Kobra Mining Co. (AMAK) rose at their maximum daily limit of SAR 102.40, hitting a lifetime high at close, with a trading volume of nearly 6 million shares.

Accordingly, the stock gained more than 60% compared with its listing price of SAR 63.

The Saudi Ministry of Industry and Mineral Resources earlier announced that eight companies were qualified to compete for the exploration license at Khnaiguiyah site, Riyadh, including AMAK.

Foreign ownership in the stock rose by 14.51% to 16.47%, according to the latest data issued from the Saudi Exchange (Tadawul) on April 4.

The stock was listed on the main market on March 29.

The Saudi mining firm offered 19.8 million shares, or 30% of its share capital on the main market, at SAR 63 per share, of which 70% was allocated for participating categories and 30% to individual investors.

Established in 2007 as a closed joint stock company, AMAK’s capital currently stands at SAR 563.3 million. Post-IPO capital reaches SAR 660 million.

The company’s primary activities include the operation of the Al Masane Mine and Guyan Mine. Al Masane Mine is located at the main Al Masane mining camp and produces copper and zinc concentrates and silver and gold Doré. The Guyan Mine is located approximately 12 kilometers from the Al Masane Mine and produces gold and silver Doré

*The stock has not traded at the offering price of SAR 63.

 The following table shows the most important financial indicators of the company: