Tadawul approves Merrill Lynch, Morgan Stanley as market makers for 3 firms, 1 REIT

Logo of Saudi Exchange (Tadawul)

The Saudi Exchange (Tadawul) approved Merrill Lynch KSA’s request to conduct market-making activities on Gulf Union Alahlia Cooperative Insurance Co., Americana Restaurants International PLC, and Rabigh Refining and Petrochemical Co. (Petro Rabigh), starting Nov. 19.

In a statement to Tadawul, the company said the market maker’s obligations will be as follows:

First: Gulf Union Alahlia (8120):

- Minimum presence of orders: 50%

- Minimum size: SAR 50,000

- Maximum spread: 2%

- Minimum value traded: N/A

Second: Americana (6015):

- Minimum presence of orders: 50%

- Minimum size: SAR 250,000

- Maximum spread: 2%

- Minimum value traded: N/A

Third: Petro Rabigh (2380):

- Minimum presence of orders: 80%

- Minimum size: SAR 50,000

- Maximum spread: 0.65%

- Minimum value traded: ≥5%

In a separate statement, Tadawul also approved Morgan Stanley’s request to conduct market-making activities for Gulf Union Alahlia and Alwaha REIT Fund, as of Nov. 19.

The market maker’s obligations for Morgan Stanley Saudi Arabia will be as follows:

First: Gulf Union Alahlia (8120):

- Minimum presence of orders: 50%

- Minimum size: SAR 50,000

- Maximum spread: 2%

- Minimum value traded: N/A

Second: Alwaha REIT (9300):

- Minimum presence of orders: 50%

- Minimum size: SAR 50,000

- Maximum spread: 5%

- Minimum value traded: N/A

Tadawul added that Merrill Lynch KSA and Morgan Stanley will conduct market-making activities in accordance with the applicable market regulations and procedures.