Here are a few things you need to know as Saudi stocks start trading on Wednesday.
1) The Capital Market Authority (CMA) approved United Wire Factories Co.’s (Aslak) request to reduce its capital by 20% to SAR 351 million from SAR 438.75 million.
2) Takween Advanced Industries Co. signed a non-binding memorandum of understanding (MoU) with China-based JOFO Nonwoven Co. Ltd. to sell 70% of its subsidiary, Advanced Fabrics (SAAF).
3) Shareholders of Thob Al Aseel Co. approved authorizing the board to pay interim dividend for the fiscal year 2020 on a quarterly or semi-annual basis.
4) Al Alamiya for Cooperative Insurance Co.’s shareholders approved withholding dividend for the fiscal year 2019.
5) Saudi Industrial Export Co. (SIECO) signed a SAR 5 million agreement with Rabigh Refining and Petrochemical Co. (Petro Rabigh) to buy sulphur.
6) Bupa Arabia for Cooperative Insurance Co.’s shareholders are set to vote on authorizing the board of directors to distribute interim dividends on a quarterly or semi-annual basis for the fiscal year 2020 on June 30, 2020.
7) Ash-Sharqiyah Development Co.’s shareholders elected members of the board of directors for the upcoming three-year term starting on July 20.
8) Al Sagr Cooperative Insurance Co.’s board of directors appointed Saraan bin Manaa Abu Saq as the new CEO.
9) Brent crude on Wednesday fell 65 cents to reach $40.53 per barrel, while WTI Crude declined 76 cents to reach $38.18/bbl.
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