Here are a few things you need to know as Saudi stocks start trading on Sunday.
1) Saudi Arabia is most likely to hold the initial public offering (IPO) of oil giant Aramco in 2019, said Saudi energy minister Khalid Al-Falih.
2) Saudi Binladin Group will be slimmed down and renamed, Reuters reported, citing sources familiar with the matter.
3) Saudi Arabia and the United Arab Emirates signed an agreement to avoid double taxation on income, as well as to prevent tax evasion.
4) Sahara Petrochemicals Co.’s Q1 2018 net profit was bolstered by its 75 percent-owned subsidiary, Al Waha Petrochemicals Co., which saw its net profit more than doubling year-on-year to SAR 106.9 million.
5) The Saudi Arabian Monetary Authority (SAMA) banned Saudi Indian Company for Cooperative Insurance (Wafa Insurance) from issuing or renewing insurance policies as of May 24.
6) Saudi Arabian Monetary Authority suspended Chedid Reinsurance Brokerage Ltd. as of May 24. It also suspended Willis Saudi Arabia Co. Ltd.’s insurance and reinsurance activities.
7) The average capital adequacy ratio (Tier 1 + Tier 2) of Saudi-listed banks rose to 20.42 percent by the end of Q1 2018, from 18.83 percent in the same period of last year, data compiled by Argaam showed.
8) Saudi Fisheries Co.’s (Alasmak) board of directors recommended a 41.75 percent capital cut to around SAR 116.5 million from SAR 200 million to write off accumulated losses worth SAR 83.5 billion.
9) Malath Cooperative Insurance and Reinsurance Co. received the Arab National Bank’s (ANB) approval on providing insurance coverage for vehicles being sold through the bank’s leasing financial program.
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