Here are a few things you need to know as Saudi stocks start trading on Sunday.
1) Saudi insurers Solidarity Saudi Takaful Company and Aljazira Takaful Taawuni Company have signed a non-binding agreement to evaluate a potential merger.
2) United Electronics Company (eXtra) has successfully closed a receivable finance murabaha agreement (securitization) deal with Al Rajhi Bank worth SAR166 million.
3) Nomu-listed Al Kathiri Holding Co. has increased the value of sharia-compliant credit facilities, which were previously obtained from Riyad Bank, by SAR 3 million - SAR 4 million to a total of SAR 10.52 million.
4) Saudi Electricity Co.’s (SEC) subsidiary the National Electricity Transmission Co. has signed with several international companies a memorandum of understanding (MoU) to study cooperation and investment opportunities in electricity interconnection between the Kingdom and neighboring countries.
5) Arab National Bank (ANB) has renewed the directors’ and officers’ liability policy for MetLife AIG ANB Cooperative Insurance Co. with SAR 400,000 in annual premium.
6) Etihad Atheeb Telecommunication Co.’s (GO) lawsuits against the Communications and Information Technology Commission (CITC) have been postponed until June 30, 2019.
7) Assets held by the Saudi Arabian Monetary Authority (SAMA), the Kingdom’s central bank, increased by SAR 45.5 billion month-on-month to about SAR 1.965 trillion in May 2019, the highest level since March 2017.
8) Brent crude on Friday declined 93 cents to reach $64.74/bbl, while WTI crude also decreased 96 cents to reach $58.47/bbl.
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