Here are a few things you need to know as Saudi stocks start trading on Thursday.
1) Paris-based AccorHotels signed agreements with Saudi Arabia’s Public Investment Fund (PIF) among other investors to sell a 55 percent stake in its real estate business, AccorInvest.
2) Saudi Basic Industries Corp (SABIC) is said to be in talks to become a partner in Iraq’s Nebras petrochemical project.
3) National Shipping Company of Saudi Arabia's (Bahri) net profit fell 53.41 percent year-on-year (YoY) to SAR 800.31 million for fiscal year 2017.
Separately, Bahri said it has received a very large crude carrier (VLCC) named “Qamran.”
4) Samba Financial Group (Samba) said it would have to pay additional zakat claims of SAR 1.3 billion for the years 2004 to 2009.
Separately, the lender said it expects a net decrease of shareholders’ equity by 5 percent from the date of introduction of the standard.
5) MetLife AIG ANB Cooperative Insurance Co. has received approval from the Saudi Arabian Monetary Authority (SAMA) to reduce capital by SAR 170 million to SAR 180 million.
6) Taleem REIT reported net profit of SAR 8.9 million for the period from May 30, 2017 to Dec. 31, 2017, Saudi Fransi Capital, the fund manager, said in a statement.
7) Saudi Industrial Export Co. (SIECO) has signed an agreement with Al-Safwa Cement Co. – a closed joint stock firm – to export Portland cement and clinker.
8) Al Jouf Cement said in a bourse statement that the export deal signed with SIECO came into effect on February 26.
9) Saudi Public Transport Co. (SAPTCO) has signed a SAR 73 million contract with Riyadh city's development commission to participate in the operation of the recently launched public transport service.
10) Crude oil prices were mixed on Thursday. Brent crude last down 0.1 percent at $64.7/bbl while WTI crude rose 0.1 percent to $61.72/bbl.
Write to Nadeshda Zareen at nadeshda.zareen@argaamplus.com
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