Here are a few things you need to know as Saudi stocks start trading on Wednesday.
1) Saudi Investment Bank’s (SAIB) Q1 2018 net profit was bolstered by retail business posting a 57 percent year-on-year rise to SAR 134.3 million on improved operating income and write-back of provisions.
2) Etihad Atheeb Telecommunication Co. (Go) said the Communications and Information Technology Commission (CITC) rejected its request to get the unified telecom license.
3) Arab National Bank (ANB) reported a reduction in its shareholders’ equity by SAR 634 million in Q1 2018, as a result of implementing the IFRS 9 standard.
4) Middle East Specialized Cables Co. (MESC) extended a sharia-compliant credit facility agreement with Alawwal Bank, Al Rajhi Banking and Investment Corporation, Arab National Bank (ANB), Banque Saudi Fransi (BSF), Riyad Bank and The Saudi British Bank (SABB).
5) Arabian Shield Cooperative Insurance Co.’s general assembly approved a 50 percent capital increase to SAR 300 million from SAR 200 million. Separately, its share fluctuation limit after capital hike will be based on a share price of SAR 26.77.
6) Makkah Construction and Development Co.’s general assembly has approved a 20 percent cash dividend for the fiscal year ended January 2018, at SAR 2 per share, amounting to SAR 329.6 million.
7) Ataa Educational Co. appointed HSBC Saudi Arabia as financial advisor, lead underwriter and book runner for its initial public offering.
8) Saudi Arabia’s total public debt is projected to stand at SAR 570 billion by the end of this year, representing almost 21 percent of the gross domestic product, said Aljazira Capital.
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