Here are a few things you need to know as Saudi stocks start trading on Sunday.
1) Global index compiler MSCI’s decision on whether to upgrade Saudi Arabia to emerging market (EM) status will be "independent" of the stock market’s ability to absorb the listing of Saudi Aramco, according to Robert Ansari, head of MSCI for Middle East.
2) Saudi Arabia’s General Entertainment Authority (GEA) is planning to invest SAR 240 billion ($64 billion) in the entertainment sector over the next ten years, through raising funds from the public and private sectors, GEA chairman Ahmed Al-Khatib said.
3) Saudi Arabia’s Capital Market Authority (CMA) has called on the public to share their opinions by March 9 on amending the rules of the Real Estate Investment Traded Funds (REITs) and the Closed-End Investment Funds.
4) Abdullah A. M. Al Khodari Sons Co. has submitted a capital increase request to the CMA, to clear liabilities.
5) United Electronics Co.’s (eXtra) board of directors has approved a 12.5 percent cash dividend (SAR 1.25 per share) for the second half of 2017, amounting to SAR 52.5 million.
6) Najran Cement Co.’s chief executive officer Badr Johar has submitted his resignation, which will become effective from April 1.
Separately, Arabian Cement said it has named Badr Johar as chief executive, effective April 1.
7) Abdulmohsen Al Hokair Group for Tourism and Development (Al Hokair Group) swung to a net loss of SAR 23 million in Q4 2017, compared to a net profit of SAR 4.8 million in Q4 2016.
8) Riyad REIT’s net profit more than doubled year-on-year (YoY) to SAR 20 million for the fiscal year 2017, driven by higher occupancy rates in the properties acquired by the fund in 2016.
9) Advanced Petrochemical Co. will suspend operations at its propylene and polypropylene plants for scheduled maintenance starting Feb. 26 and 28, respectively.
10) Saudi Ground Services Company (SGS) and Jabal Omar Development Co. have signed a non-binding MoU to study building a new passenger terminal at King Abdulaziz International Airport and Taif Regional Airport.
Write to Nadeshda Zareen at nadeshda.zareen@argaamplus.com
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