Mezzan dominates trading on Kuwait exchange on first day

11/06/2015 18:35 AST

Trade in Kuwaiti Stock Exchange was dominated by the listing of shares of Mezzan Holdings, which surged to its upper circuit.

Shares of Mezzan ended limit up at 980 fils as against the placement price of 760 fils.

Shares worth about 16 million Kuwaiti Dinars (Dh195 million) were traded, contributing to 40 per cent of the trading volumes. Total trading volumes on the KSE stood at 39.59 million Kuwaiti Dinars.

Arqaam Capital, which initiated coverage on the company with a buy rating, sees an upside potential of 46 per cent on the scrip.

Mezzan is a diversified consumer goods business with operations spanning food manufacturing and distribution, FMCG, pharmaceuticals, catering services, carton and plastic manufacturing. The company has about 358 brands, with operations in 7 countries across the GCC, Afghanistan and Iraq.


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