Here are a few things you need to know as Saudi stocks start trading on Wednesday.
1) stc is considering an initial public offer (IPO) for its 100%-owned subsidiary, Arabian Internet and Communications Services Co. (solutions by stc), on the Saudi Stock Exchange (Tadawul).
2) Yanbu National Petrochemical Co. (Yansab) announced the scheduled shutdown of two plants to carry out preventive maintenance work.
3) National Commercial Bank (NCB) completed issuing additional Tier 1 sukuk at a value of $1.25 billion (SAR 4.69 billion).
4) Al Moammar Information Systems Co. (MIS) announced that its 50%-owned subsidiary, Edarat Communications and Information Technology Co., appointed FALCOM Financial Services as a financial advisor to start direct registration and listing on the Nomu Parallel Market.
5) Emaar The Economic City Co.'s (Emaar EC) board of directors approved the resignation of the two audit committee members, Alaa Shakib AlJabri and Abdullah Ibrahim Al-Howaish.
6) Amana Cooperative Insurance Co. received the Saudi Central Bank’s (SAMA) approval to reduce the company’s capital by SAR 110 million to SAR 130 million.
7) The total number of students for the current year 2021 decreased by 9% to 13,300 compared to 14,525 students in 2020 due to COVID-19, according to National Company for Learning and Education (NCLE).
8) Brent crude on Wednesday gained 25 cents to reach $56.16 per barrel. WTI crude also increased 21 cents to reach $52.82/bbl.