Mezzan Holding soars 32% on Kuwait market debut

The consumer manufacturing company operates in seven countries in the Middle East.

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Mezzan Holding closed up 32.4 per cent in its debut on the Kuwait stock exchange on Thursday.

Mezzan, a consumer manufacturing company that operates in seven countries in the Middle East, was taken public after a private placement of 30 per cent of Mezzan’s equity was concluded on May 12.

Mezzan has a market capitalisation of US$961.8 million, as of the close of trading on Thursday. It began trading with a market capitalisation of $726.2 million.

The Dubai Financial Market’s benchmark index closed down 2.7 per cent as Arabtec and Amlak dropped.

Amlak fell 9.8 per cent to close at Dh2.10, after a six-session run of gains that saw the company more than double in price from its opening last week.

Arabtec fell 9.9 per cent, closing down at Dh2.64, down 29 fils against its opening price of Dh2.93, after two days of double-digit gains. Neither company has made disclosures to the DFM or the Emirates Securities and Commodities Authority providing a reason for the changes in price.

Development-related firms the National Cement Company, Deyaar Development and Union Properties all dropped. NCC closed down 9.8 per cent, while Deyaar dropped 8 per cent and Union Properties fell 6.8 per cent.

The Abu Dhabi Securities Exchange benchmark fell 0.7 per cent on Thursday.

Al Khazna Insurance fell 8.5 per cent, while Eshraq Properties fell 7 per cent.

Abu Dhabi Ship Building outperformed the market with a 9.4 per cent rise, while Asmak rose 7.1 per cent.

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