Here are a few things you need to know as Saudi stocks start trading on Wednesday.
1) Advanced Petrochemical Co. reported an estimated net profit after Zakat and tax of SAR 416 million for the first nine months of 2020, a 27% year-on-year (YoY) decline.
2) The Mediterranean and Gulf Insurance and Reinsurance Co.’s (MEDGULF) board of directors recommended a capital cut by 12.5% from SAR 800 million to SAR 700 million to offset the accumulated losses.
3) Shareholders of Gulf Union Cooperative Insurance Co. approved the terms and conditions of the company’s merger deal with Al-Ahlia Insurance Co.
4) Saudi Arabian Fertilizer Co. (SAFCO) received the Capital Market Authority’s (CMA) approval for a capital increase to SAR 4.76 billion through issuing 59.4 million ordinary shares, to acquire 100% of SABIC Agri-Nutrients Investment Co.
5) Al Kathiri Holding Co.'s shareholders approved the board's recommendation on a capital increase to SAR 90.42 million through a SAR 45.2 million rights issue.
6) The CMA gave the go-ahead for Saudi Paper Manufacturing Co. (SPM) to proceed with its capital increase through SAR 100 million rights issue.
7) The CMA’s Appeal Committee for the Resolution of Securities Disputes imposed a fine of SAR 1.9 million on former board chairman and members of Alujain Holding Corp. for violations committed during their membership on the company’s board of directors.
8) Red Sea International Co. signed a contract for the design, build and installation of accommodation units, offices and all supporting building amenities with NEOM for a total value of SAR 78 million.
9) Bank Aljazira signed two agreements with Aljazira Takaful Taawuni Co. to offer insurance coverage for real estate and personal finance portfolios to its clients at SAR 21.81 million and SAR 19.21 million, respectively.
10) Brent crude on Wednesday morning fell 72 cents to reach $41.93 per barrel. WTI crude also shed 84 cents to reach $39.83/bbl.
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