Here are a few things you need to know as Saudi stocks start trading on Sunday.
1) Yanbu Cement Co.’s general assembly has approved the engagement of company’s board chairman, Prince Abdul Aziz Bin Mashaal Al Saud, in a competitive business through his nomination to the board of directors of City Cement Co.
2) Saudi Re for Cooperative Reinsurance Co. (Saudi Re) has obtained Capital Market Authority’s approval to reduce capital by 19 percent to SAR 810 million.
3) Jabal Omar Development Company sustained a net loss of SAR 60.8 million in the third quarter ending Sept. 30, versus net profit of SAR 63.35 million in Q3 2016, due to lower revenue from selling residential units and higher costs of financing.
Separately, the developer said that Alinma Makkah fund has completed the acquisition of assets worth SAR 6 billion from Jabal Omar.
4) Al Sorayai Trading and Industrial Group Co.’s board has recommended a 40 percent capital reduction to SAR 225 million form SAR 375 million, to offset accumulated losses.
5) Sadara Basic Services Co., said it parent Sadara Chemical Co., has increased its capital to SAR 34.88 billion from SAR 31.69 billion through a contribution of shareholders’ loans.
6) Saudi Arabia’s attorney general said 208 people have been called in for questioning so far by the anti-corruption committee as the Kingdom continues its crackdown against corruption.
7) Saudi Arabia has directed its citizens and residents in Lebanon to leave “as soon as possible,” according to a statement on Saudi Press Agency.
8) Saudi Aramco has signed deals worth $4.5 billion with international firms on a range of oil and gas development projects.
9) Rising net interest income among Saudi Arabia’s domestic banks is “credit positive,” Moody’s Investors Service said in a recent report.
10) Oil prices closed last week with declines. Brent crude was down 0.6 percent at $63.52/bbl, while WTI crude fell 0.8 percent to $56.74/bbl.
Write to Nadeshda Zareen at nadeshda.zareen@argaamplus.com
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