Saudi regulator to probe share trading

Capital Market Authority looking at trading in shares of SABB Takaful, which have surged 197% in last month.
Saudi regulator to probe share trading
By Reuters
Mon 23 Jul 2007 01:52 PM

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.

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