Here are a few things you need to know as Saudi stocks start trading on Wednesday.
1) Alinma Bank is planning to increase its market share of loans and deposits as the Saudi market offers very promising opportunities, chief executive and managing director Abdulmohsen Al-Fares told Argaam.
2) Saudi Industrial Export Co. (SIEC) said a memorandum of understanding (MoU) with Engaz Al Ittihad Mining Co. to invest in Tayma’s silica mine has been terminated. Talks ended as no agreement was reached by both parties.
3) Al Marakez Al Raqia Ltd., a wholly owned subsidiary of AlBaha Investment & Development Co., has extended the MoU with Ishraqah Regional Development & Real Estate Investment Co. shareholders to take over Ishraqah.
4) Mulkia-Gulf Real Estate REIT Fund unit holders did not sell their strategic investment units in the fund, managing director Sultan Al-Hudaithi said in a bourse statement. The statement came in response to an article published in a local newspaper claiming that the investments units were sold by stakeholders.
5) Saudi Arabia Refineries Co.’s (SARCO) lawsuit against Saudi Aramco has been postponed to Jan. 23, 2018, the company said in a statement. SARCO submitted a seven-page commentary note to the court, and Saudi Aramco has requested time to respond.
6) The ban on selling the shares of Al Yamamah Steel Industries Co.’s (Al Yamamah Steel) founding shareholders ended on Nov 22.
7) Al Khaleej Training and Education Co.’s board of directors has appointed Abdulaziz Al Rashed as vice-chairman of the board. The decision is effective starting November 22, 2017.
8) Saudi Arabian Cooperative Insurance Co.’s (SAICO) board has appointed Abdulaziz Abussaud as vice chairman of the board. The decision is effective starting Nov. 22, 2017.
9) Oil prices edged lower on Thursday, with Brent crude last down 0.3 percent at $63.15/bbl while WTI crude fell 0.2 percent to $57.9/bbl.
Write to Nadeshda Zareen at nadeshda.zareen@argaamplus.com
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