Here are a few things you need to know as Saudi stocks start trading on Monday.
1) The merger process between Alawwal Bank and Saudi British Bank is expected to take around one year, Mubarak Al-Khafrah, chairman of Alawwal Bank told Argaam.
2) Samba Financial Group’s (SAMBA) debt provisions declined 89 percent year-on-year to SAR 12.2 million in Q1 2018, reaching its lowest level in more than three years, data compiled by Argaam showed.
3) Savola Group’s Q1 2018 losses were mainly attributed to the food segment, which posted a 93 percent year-on-year decline in net profit to SAR 8 million in the same period, data compiled by Argaam showed.
4) Jabal Omar Development Company (Jabal Omar) signed an agreement to sell 90 residential units to Albilad Capital for SAR 1.105 billion.
5) The National Commercial Bank (NCB) appointed Saeed Mohammed Al Ghamdi as chairman. Separately, Edaa deposited the additional shares from NCB capital hike into shareholders’ accounts.
6) Saudi Capital Market Authority approved Saudi Real Estate Co.’s (Al Akaria) request to increase capital to SAR 2.4 billion from SAR 1.2 billion through the issue of one bonus share for every share held.
7) Bank Aljazira reported a reduction in its shareholders’ equity by SAR 636 million in Q1 2018, as a result of the application of IFRS 9 standard.
8) Saudi banks have not been impacted by application of IFRS9, Talaat Hafez, secretary-general of the Media and Banking Awareness Committee of Saudi Banks, told Argaam.
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