Here are a few things you need to know as Saudi stocks start trading on Tuesday.
1) Saudi Aramco is currently negotiating with the Public Investment Fund to acquire a stake in Saudi Basic Industries Corporation (SABIC), which would represent a great leap for the industry, Energy Minister Khalid Al-Falih told Argaam’s sister site Akhbar 24. Meanwhile, the restructuring of the mining sector has reached an advanced stage, he told Eqtisadiah newspaper.
2) The Communications and Information Technology Commission (CITC) suspended some of Etihad Etisalat Co.’s (Mobily) new services for not meeting Saudization requirements for employees at the executive level.
3) Al Tayyar Travel Group sold its 30 percent stake in Thakher Investment and Real Estate Development Co. to Mohammed Alsubeaei & Sons Investment Co. (MASIC) for SAR 377.4 million.
4) Riyad Bank plans to fully redeem its SAR 4 billion sukuk maturing 2020 on Nov. 11.
5) The Mediterranean and Gulf Insurance and Reinsurance Co.’s (MedGulf) remaining rights issue shares amounting to 5.06 million were 372.5 percent oversubscribed.
6) Al Abdullatif Industrial Investment Co. signed on Oct.7 a contract worth SAR 46.57 million with the Ministry of Islamic Affairs, Dawah and Guidance to provide carpeting for its mosques across the Kingdom.
7) United Electronics Co. (eXtra) reported a net profit after zakat and tax of SAR 98 million for the first nine months of 2018, a rise of 18.9 percent year-on-year (YoY). The retailer is expected to see continued growth on the Kingdom's decision to nationalize jobs in electronics and home appliance stores, CEO Mohamed Galal told Argaam.
8) Najran Cement Co.’s sukuk holders on Nov. 4 will discuss waiving any right that may result from provisions pertaining to the SAR 400 million sukuk issue, maturing in June 2020.
9) Shareholders of Aseer Trading, Tourism & Manufacturing Co. approved cutting statutory reserve by SAR 226.2 million to 32.1 percent of capital, in order to offset accumulated losses.
10) Oil prices rose Tuesday following decline in crude exports from Iran in the run-up to the re-imposition of US sanctions. Benchmark Brent rose 52 cents at $84.43/bbl, while WTI crude was up 41 cents to $74.70/bbl.
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