Here are a few things you need to know as Saudi stocks start trading on Monday.
1) Saudi Arabia topped the list of initial public offering (IPO) activity in the Middle East and North Africa (MENA) in the third quarter of 2017, raising $206.8 million from three deals, according to consultancy firm Ernst & Young.
2) Saudi Arabian Mining Company (MAADEN) plans to launch an environmental project to expand the agricultural area in Hazm Al-Jalamid, home to one of the company’s most important phosphate mines, the mining firm said in a statement.
3) Al-Babtain Power & Telecommunications Co. (Al-Babtain) will pay a 5 percent cash dividend (SAR 0.5 per share) for the third quarter of 2017 on Dec. 26, 2017. Shareholders of record on Dec. 7 are eligible.
4) Herfy Food Services Co. (Herfy Foods) is expected to post a SAR 55.7 million in earnings in the fourth quarter of 2017, maintaining the same level as Q4 2016 despite a 2 percent year-on-year (YoY) increase in revenue at SAR 285.7 million, SICO Investment Bank said in a report.
5) Saudi Industrial Export Co. (SIECO) will hold an extraordinary general assembly meeting on Dec. 20 to vote on the company’s proposal to reduce capital to SAR 10.8 million from SAR 108 million and related issues.
6) Al Kathiri Holding Co. said it has been awarded ISO 9001:2015 certification from (United Accreditation Foundation) for its quality management system.
7) Oil prices declined on Monday, under pressure from rising US rig count. Brent crude was last down 0.4 percent at $63.16/bbl while WTI crude fell 0.4 percent to $57.15/bbl.
Write to Nadeshda Zareen at nadeshda.zareen@argaamplus.com
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