Here are a few things you need to know as Saudi stocks start trading on Sunday.
1) Sadr Logistics Co.’s shareholders approved increasing capital from SAR 25 million to SAR 175 million through rights issue worth SAR 150 million. The rights issue trading period and subscription to new shares will begin on Dec. 6.
2) The Mediterranean and Gulf Insurance and Reinsurance Co. (MEDGULF) awarded a one-year contract to provide health insurance services for Saudi Electricity Co.’s (SEC) employees and their families.
3) Tanmiah Food Co.’s subsidiary Gulf Brand Fast Food Co. signed a master franchise and development agreement with POPEYES, an international quick-service restaurants chain.
4) Al Gassim Investment Holding Co. (GACO) received the decision of the First Department for the determination of income tax violations and disputes in Riyadh, which dismissed the company’s lawsuit filed against the Zakat, Tax and Customs Authority (ZATCA) over the Zakat returns for 2018.
5) Wafrah for Industry and Development Co. submitted a request for capital increase via a SAR 154.3 million rights issue to the Capital Market Authority (CMA).
6) Saudi Paper Manufacturing Co. (SPM) appointed Alinma Investment as financial advisor for its planned rights issue.
7) Brent crude on Friday rose 21 cents to reach $69.88 per barrel. WTI crude decreased 24 cents to reach $66.26/bbl.
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