Here are a few things you need to know as Saudi stocks start trading on Thursday.
1) Tronox Limited and Cristal both disagree with the US Federal Trade Commission’s (FTC) view on their acquisition deal, National Industrialization Co.’s (Tasnee) chief executive Mutlaq Al-Morished told Argaam. “We believe that the company operates globally and its products will be sold in most countries of the world; therefore, the prices of will be set by the international markets," he said.
2) The Saudi Industrial Property Authority (MODON) has awarded a contract to improve and manage the water utility services in Jeddah 2nd & 3rd industrial cities to Saudi International Water Distribution Company (TAWZEA). Saudi Arabian Amiantit Company and Saudi Industrial Services Company (SISCO) jointly own TAWZEA.
3) Al-Babtain Power and Telecommunications Co. has signed a SAR 200 million Islamic credit facility with Gulf International Bank (GIB). The loan has a term of four years starting Dec. 10, 2017, to be repaid in monthly installments.
4) The Saudi Capital Market Authority (CMA) has approved Derayah Financial Corporation Company’s request to offer, register and list units of the Derayah real estate investment traded fund (REIT) on the Saudi Stock Exchange (Tadawul).
5) Amana Cooperative Insurance Co. said it has obtained Saudi Arabian Monetary Authority’s initial approval on its proposed capital hike. SAMA’s final approval is subject to an unconditional and irrevocable undertaking by a licensed brokerage firm to cover the entire rights issue of the capital hike, Amana Insurance added.
6) Al Sorayai Trading and Industrial Group Co. (Al Sorayai Group) has submitted a request for approval to Saudi Arabia’s the Capital Market Authority (CMA) for its 40 percent capital reduction plan.
7) L’Azurde for Jewelry Co.’s board of directors has appointed Abdullah A. Al Othaim as vice-chairman of the board of directors. The decision is effective from December 5, 2017, until the end of the current three-year term on April 25, 2018.
8) Qassim Investment Holding Co.’s (formerly Qassim Agricultural Co.) case against Al Bandariyah Group has been adjourned to Jan. 3, 2018, the company said in a statement.
9) Saudi Aramco is in talks with four companies that have submitted bids for the front-end engineering design (FEED) contract for its $20 billion Yanbu oil-to-chemical facility, Meed reported, citing an unnamed industry source.
10) Oil prices edged higher on Thursday, with Brent crude last up 0.3 percent at $61.41/bbl while WTI crude rose 0.3 percent to $56.1/bbl.
Write to Nadeshda Zareen at nadeshda.zareen@argaamplus.com
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