Here are a few things you need to know as Saudi stocks start trading on Sunday.
1) Saudi Arabia is expanding the refinancing of a $10 billion international loan to raise $16 billion, the Debt Management Office (DMO) said in statement.
2) Jabal Omar Development Co. expects to finalize its merger deal with Umm Al Qura Development and Construction in 2018, Reuters reported.
3) National Industrialization Co. (Tasnee) said it has amended the date to complete the deal between National Titanium Dioxide Ltd. (Cristal), Tasnee’s 79 percent owned subsidiary, and NYSE-listed Tronox Ltd.
4) Arabian Shield Cooperative Insurance Co. has received approval from the Saudi Arabian Monetary Authority (SAMA) to raise capital by SAR 100 million to SAR 300 million.
5) Sahara Petrochemical Co. reported a net profit of SAR 444.5 million for fiscal year 2017, rising 3.05 percent year-on-year (YoY) on higher profit generated from Tasnee and Sahara Olefins Co.
6) Samba Financial Group’s board of directors has recommended a 7.5 percent cash dividend (SAR 0.75 per share) for the second half of 2017, amounting to SAR 1.5 billion.
7) Saudi Arabia Refineries Co.’s (SARCO) board of directors has recommended a 5 percent cash dividend for the fiscal year 2017, at SAR 0.5 per share, amounting to SAR 7.5 million.
8) Methanol Chemicals Co. (Chemanol) on Thursday resumed operations at its Methanol and Dimethylformamide (DMF) units.
9) Saudi Automotive Services Company (SASCO) has opened a new SASCO Plus station on Jubail/Dammam Road.
10) Crude oil prices closed last week on a positive note, with Brent crude up 0.9 percent at $64.37/bbl while WTI crude rose 0.4 percent to $61.25/bbl.
Write to Nadeshda Zareen at nadeshda.zareen@argaamplus.com
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