Here are a few things you need to know as Saudi stocks start trading on Monday.
1) The board of directors of stc recommended increasing the company’s capital by 150% through bonus shares offering, capitalizing SAR 30 billion of retained earnings.
2) Al-Moammar Information Systems Co. (MIS) was awarded a disaster recovery site configuration and operation project from Saudi Data and Artificial Intelligence Authority (SDAIA) at a total value of SAR 169.3 million, including VAT.
3) Emaar The Economic City’s (Emaar EC) shareholders approved a 25-year development lease contract, worth SAR 113.5 million, with Lucid Group Inc. for a land plot in King Abdullah Economic City (KAEC).
4) Arabian Cement Co. (ACC) received a court order in its favor, ordering Emaar The Economic City (Emaar EC) to supply to the company 4.57 million tons of limestone based on the agreement signed by the two parties on April 28, 2012.
5) Taiba Investments Co. entered into a purchase agreement with Mohammed I. Alsubeaei & Sons Investment Co. (MASIC) to acquire a commercial center in Riyadh for SAR 220 million.
6) ACWA Power Co. started operations at Phase I of Abu Dhabi’s Al Taweelah IWP, with a capacity of 454,600 cubic meters/day of desalinated water.
7) Al-Baha Investment and Development Co.’s subsidiary, Elegant Centers Co. Ltd., obtained a Shariah-compliant loan for SAR 65 million from Arab National Bank (ANB).
8) Saudi Fisheries Co. (SFICO) was notified by Jeddah Municipality to vacate and demolish the office building located in Al Rawabi District, Jeddah, as of June 11.
9) Jadwa REIT Saudi Fund said that Banque Saudi Fransi (BSF) raised the limit of an existing Shariah-compliant banking facility by SAR 170.3 million to SAR 1.17 billion.
10) Brent crude fell 1.42% to reach $120.28 per barrel. WTI crude lost 1.49% to reach $118.87/bbl.
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