Here are a few things you need to know as Saudi stocks start trading on Tuesday.
1) Saudi Aramco intends to buy a controlling stake in Saudi Basic Industries Corp. (SABIC), with the aim to take the entire 70 percent stake owned by Public Investment Fund (PIF), Reuters reported.
In a separate report, Reuters reported that JPMorgan and Morgan Stanley have been picked to advise on Aramco’s potential acquisition of a stake in SABIC.
2) The planned merger between Tronox and Cristal is expected to be complete in Q3 2018, Mutlaq Al-Morished, chief executive of National Industrialization Co. (Tasnee), told Argaam.
3) Sahara Petrochemical Co.'s net profit rose 95.9 percent year-on-year (YoY) to SAR 361.4 million in the first half of 2018, driven by an increase in profit at Tasnee and Sahara Olefins Company.
4) Etihad Etisalat Co. (Mobily) trimmed losses by 51.23 percent YoY to SAR 172 million for the first half of 2018, driven by higher revenue and lower cost of sales on reduced termination rates.
5) Jazan Energy and Development Co. (JAZADCO) is considering several investment opportunities in various sectors, CEO Mohammed Al-Manea told CNBC Arabia.
6) Arabian Aramco Total Services Co. said that shareholders of its parent company, Saudi Aramco Total Refining and Petrochemical Co. (SATORP), have approved SAR 450 million cash dividend for 2017.
7) Saudi Company for Hardware’s (SACO) board of directors has recommended a 10 percent cash dividend for the first half of 2018, at SAR 1 per share, amounting to SAR 24 million.
8) Jadwa REIT Al Haramain Fund will pay a 2.8 percent cash dividend for the first half of 2018 (SAR 0.28 per unit) amounting to SAR 18.48 million, fund manager Jadwa Investment said in a statement.
9) Jadwa REIT Saudi Fund will pay a 1.8 percent cash dividend for the second quarter of 2018, at SAR 0.18 per unit, amounting to SAR 28.44 million, fund manager Jadwa Investment said in a statement.
10) Saudi Arabia’s inflation is expected to average 2.8 percent in 2018, BMI Research said, lowering its forecast from the previous estimate of 3.3 percent.
Write to Nadeshda Zareen at nadeshda.zareen@argaamplus.com
Comments
{{DisplayName}}
{{ElapsedTime}}