Here are a few things you need to know as Saudi stocks start trading on Monday.
1) Saudi Industrial Export Co. (SIECO) has prepared a financial restructuring plan after recording SAR 98.2 million in accumulated losses — 90.93 percent of capital.
Separately, the firm said its board of directors has recommended a 90 percent capital reduction to SAR 10.8 million form SAR 108 million, in order to offset losses.
2) Saudi Arabia’s Capital Market Authority (CMA) said it will lift its trading suspension on Alujain Corp. as of Nov. 13, after the company released financial results for 9M 2017.
3) The National Shipping Co. of Saudi Arabia (Bahri) started on Sunday procedures to sell part of its 30.3 percent stake in Petredec Limited, a Bermuda-based company specialized in transporting and trading liquefied petroleum gas.
4) Saudi Ground Services Co.’s (SGS) board of directors has recommended a 6.5 percent cash dividend, to be issued at the rate of SAR 0.65 per share for the third quarter of 2017.
5) Saudi Aramco is still weighing options to select the best international stock market which will host its planned initial public offering (IPO) alongside the Saudi exchange, chief executive Amin Nasser told Al-Arabiya TV.
6) Oil prices were slightly higher on Monday. Brent crude was last up 0.02 percent at $63.53/bbl, while WTI crude rose 0.1 percent to $56.79/bbl.
Write to Nadeshda Zareen at nadeshda.zareen@argaamplus.com
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