The Saudi bourse regulator said on Monday it was looking into trading in shares of insurance firm SABB Takaful, which have surged more than 197% since its debut on June 16.
The Capital Market Authority "is checking transactions in the company's shares," it said in a statement on the bourse web site.
SABB Takaful's shares closed nearly 500% above their initial public offering price of 10 riyals, when trading started on June 16. The stock has risen 197.1% from its close on that day.
SABB Takaful said on July 2 it had no important information to disclose, the Capital Market Authority said.
Shares of SABB Takaful were trading on Monday at 171.50 riyals , down 3.38% from Sunday's close. The company's largest shareholder is SABB bank.For all the latest business news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
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