Here are a few things you need to know as Saudi stocks start trading on Tuesday.
1) Saudi Arabian Oil Co. (Saudi Aramco) commenced the issuance of Shariah-compliant international trust certificates under its “Trust Certificate Issuance Program”.
2) The Mediterranean and Gulf Insurance and Reinsurance Co. (MEDGULF) obtained the Saudi Central Bank’s (SAMA) approval for its planned capital increase from SAR 700 million to SAR 1.05 billion via a rights issue.
3) Saudi Electricity Co.'s (SEC) board of directors approved the resignation of Fahad Al-Sudairi as the chief executive officer (CEO), effective immediately, due to personal reasons.
4) The Capital Market Authority (CMA) approved Fitaihi Holding Group's request to reduce its capital from SAR 550 million to SAR 275 million by reducing the number of shares from 55 million to 27.5 million.
5) Filling and Packing Materials Manufacturing Co. (FIPCO) renewed a SAR 73.68 million Shariah-compliant credit facility agreement with Riyad Bank.
6) Basic Chemical Industries Co. (BCI) announced that its chlorine derivatives plant in Jubail Industrial City is 78% complete, expecting it to be complete by the end of November 2021 instead of June.
7) Al Moammar Information Systems Co. (MIS) signed a binding memorandum of understanding (MOU) with Saudi Fransi Capital (SFC) to establish a private investment fund to develop, own, and operate data centers across the Kingdom.
8) Lazurde Company for Jewelry (Lazurde) subscription to new shares and rights trading began June 7, 2021, to increase capital from SAR 430 million to SAR 575 million.
9) Brent crude on Tuesday declined 62 cents to reach $70.87 per barrel. WTI crude also decreased 60 cents to reach $68.63/bbl.
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