Here are a few things you need to know as Saudi stocks start trading on Sunday.
1) US-based Tronox Ltd. has received the European Union’s antitrust regulators’ approval to acquire the titanium dioxide (TiO2) business of the National Titanium Dioxide Ltd. (Cristal) on a condition that Tronox would sell its TiO2 paper production plant in Netherlands.
2) United Cooperative Assurance Co. (UCA) aims to turn profitable before the end of this year, CNBC Arabia reported, citing acting chief executive officer Faker Rais.
3) National Agricultural Development Co. (NADEC) said it sees opportunity to maintain its market share as competitors raise the prices of their products.
4) Derayah Financial, the fund manager of Derayah REIT, has acquired the Al-Khaleejiah Business Center for SAR 38 million, the firm said in a statement.
5) Saudi Aramco’s preparations for its initial public offering (IPO) have stalled, the Wall Street Journal reported, citing a senior Aramco executive.
6) Saudi Arabia’s Public Investment Fund (PIF) has acquired a 15.2 percent direct stake in Riyadh-based ACWA Power, which develops, owns, and operates power generation and water desalination plans.
7) Saudi Aramco has cut the official selling price for its Arab Light crude oil grade for Asian customers by $0.20 for August to a premium of $1.90 a barrel to the average of Oman and Dubai quotes, Reuters reported.
8) Two years after the launch of Saudi Arabia’s ambitious Vision 2030 program, sectoral gains have been “impressive” and are expected to be substantial over the long-term, Japan’s MUFG said in a report.
Write to Nadeshda Zareen at nadeshda.zareen@argaamplus.com
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