Here are a few things you need to know as Saudi stocks start trading on Tuesday.
1) United Electronics Co. (Extra) has reported its highest ever sales, on both an annual and quarterly basis, chief executive Mohamed Galal told Argaam. The retailer’s sales in Q4 2017 reached SAR 1.6 billion, rising 16.3 percent year-on-year (YoY).
2) SABB Takaful’s board of directors has accepted the resignation tendered by Anthony K. Bentley – non-executive member – who represents HSBC group. The resignation was submitted after HSBC Group sold its stake in the insurer to The Saudi British Bank (SABB).
3) Al Rajhi REIT seeks to ensure sustainable streams of income for investors over the medium to long terms, given its high-quality portfolio of constituent assets, Al Rajhi Capital's chief executive officer Gaurav Shah said.
4) Jadwa REIT Saudi seeks to generate SAR 129.96 million in leasing income throughout 2018, from which to distribute up to 90 percent, the fund manager said in the listing memo.
5) Allied Cooperative Insurance Group (ACIG) has spent the SAR 100 million proceeds generated from the rights issue that took place in September 2012 as planned.
6) Saudi Arabian Monetary Authority (SAMA) has ordered all Saudi banks not to deduct any installments from the allowances recently granted by King Salman to offset the rising cost of living.
7) Oil prices rose on Tuesday to their highest level since 2015 as OPEC reaffirmed its stand on maintaining production cuts. Brent crude was last trading up 0.6 percent at $68.17/bbl, while WTI crude gained 0.8 percent to reach $62.19/bbl.
Write to Nadeshda Zareen at nadeshda.zareen@argaamplus.com
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