Here are a few things you need to know as Saudi stocks start trading on Monday.
1) Saudi British Bank (SABB) and Alawwal Bank filed a request with the Saudi General Authority for Competition to approve their planned merger.
2) Saudi Advanced Industries Co.’s (SAIC) board of directors recommended a 2.5 percent cash dividend for the first nine months of 2018, at SAR 0.25 per share, amounting to SAR 12.5 million.
3) Saudi Enaya Cooperative Insurance Co. said its rights issue was 77.8 percent subscribed, as investors pumped SAR 155.58 million into 15.558 million shares.
4) Jazan Energy and Development Co. (JAZADCO) signed a final purchase agreement with Rawafed Al Hadara Holding Co. and Quintet Co. Ltd. for Shipping & Maintenance to take full control of Bakri International Energy Co. through a cash and in-kind consideration.
5) National Agricultural Development Co. (NADEC) will disclose the financial impact of the Kingdom’s decision to ban green fodder cultivation in the Q1 2019.
6) Saudi Research and Marketing Group’s (SRMG) board of directors appointed Abdulrahman Ibrahim Al Ruwaitie as the new chairman, effective Dec. 29, 2018.
7) Saudi Arabia’s economic growth is expected to increase from 2.3 percent in 2018 to 2.5 percent by 2020, with the government supporting non-oil activity through record public spending, investment and private sector stimulus programs, National Bank of Kuwait said.
8) The 2019 outlook for the Gulf Cooperation Council (GCC) corporate sector remains stable, supported by solid underlying fundamentals, supportive oil prices and favorable macroeconomic conditions, Fitch Ratings said.
9) Oil prices rose on early Monday morning. Brent crude gained 57 cents, or 1.1 percent, to $53.78/bbl, while WTI crude gained 47 cents, or 1 percent, to $45.80/bbl.
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