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Saudi Airlines Catering Company accomplishes IPO mission

In Riyadh, the Tadawul All-Share Index lost 93.13 points or 1.43% to close at 6,756.99 following weak input from markets in Japan and Europe. The decline was broad as 17 out of 155 symbols traded advanced while 132 fell in value. Sabic fell 1.12% to SR88.50. Shares of Saudi Airlines Catering Company celebrated its trading debut on Monday after the firms successfully completed a $347m IPO, floating 30% of its capital. The shares closed at SR62. According to the Saudi Gazette, the firm offered 24.6m shares between June 18 and 24 at a price of SR54 per share. Banque Saudi Fransi closed flat at SR34.10. Earlier in the day. the lender said that net income during the first six months of 2012 amounted to SR1.546bn compared to SR1.490bnfor the same period last year with an increase of 3.8%. Commenting on the performance, Banque Saudi Fransi said in a statement to the bourse "The reason for the increase in the net income for the six months ended June 30, 2012 compared to the same period last year is the increase in the operating income."