Here are a few things you need to know as Saudi stocks start trading on Sunday.
1) Arabian Cement Co. has extended its exclusivity agreement with Al Safwa Cement Co. related to their potential merger until Dec. 21, 2017.
2) Saudi Electricity Company (SEC) and Schneider Electric have signed a memorandum of understanding (MoU) to provide SEC with high-quality products and solutions especially designed for the utility market.
3) Saudi Company for Hardware (SACO) said it will open its fifth SACO World showroom in Saudi Arabia. The 8,600-square-meter showroom in Dammam is the fourth one to open this year.
4) Amana Cooperative Insurance Co. has obtained initial approval from the Saudi Arabian Monetary Authority (SAMA) for its proposed SAR 100 million capital hike, the insurer said in a bourse statement.
5) Malath Cooperative Insurance Co. said it will distribute today, Dec. 10, an amount of SAR 12.3 million representing compensation for unsubscribed shares.
6) Saudi Industrial Export Co. (SIECO) has received a favorable initial court order to recover insurance fees of SAR 14.05 million from Afia International Co. The dispute is related to a deal in June 2013 where SIECO and Shahd Al Sahraa’s joint venture agreed to distribute Afia’s products in South Jeddah and East Riyadh.
7) Saudi Cable Co. (SCC) said it expects to publish its audited financial statements for the second quarter of 2017 within eight weeks from December 7.
8) Saudi Arabia’s efforts to broaden its share in the global petrochemicals market since the 1990s are paying off. An early start has given the Kingdom a sturdy foothold to fend off intensifying competition from Asia, the US and Iran in the rapidly-growing segment, according to Hetain Mistry, managing analyst at S&P Global Platts.
9) Moody’s Investors Service has maintained its outlook for banks in Saudi Arabia at stable, supported by “increased government spending and strong capital buffers,” the ratings agency said in a recent report.
10) Oil prices closed last week with gains, driven by rising demand in China. Brent crude was up 1.9 percent at $63.4/bbl while WTI crude rose 1.2 percent to $57.36/bbl.
Write to Nadeshda Zareen at nadeshda.zareen@argaamplus.com
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