Here are a few things you need to know as Saudi stocks start trading on Sunday.
1) Saudi Re for Cooperative Reinsurance Co. (Saudi Re) has signed a memorandum of understating (MoU) to acquire 49.9 percent of Probitas Holdings Bermuda Limited for an initial valuation of $25 million.
2) Ash-Sharqiyah Development Co.’s board of directors has decided to sell its entire cow herd as its dairy business has been reporting consecutive losses for the past five years, amounting to SAR 31.5 million.
3) Riyad REIT said it has completed the acquisition of a property in Riyadh for SAR 136.62 million, which was financed through a shariah-complaint bank loan.
4) State-controlled Saudi Arabian Mining Co. (Maaden), the GCC’s largest mining company, is planning to develop the Mansoura and Massara gold mine, Reuters reported.
5) Jarir Marketing Co.’s robust figures in Q2 2017 were boosted by higher sales of smart phones, increased market share, higher number of showrooms, and improved profit margins, CEO Muhammad Al Agil told Argaam.
6) The chief executive officer of Saudi Industrial Services Co. (SISCO) said the Red Sea gateway terminal project will be completed before year-end, as scheduled.
7) Saudi Arabia's Public Transport Authority has invited private companies to participate in the construction and operation of railway transport services, MEED reported.
8) Only 11 percent of the region’s businesses understand how the value-added tax will affect them, a survey by Association of Chartered Certified Accountants and Thomson Reuters said.
9) Crude oil futures ended the previous week on a positive note, with both Brent crude and WTI crude rising 1 percent to reach $48.91/bbl and $46.54/bbl, respectively.
Write to Nadeshda Zareen at nadeshda.zareen@argaamplus.com
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