Here are a few things you need to know as Saudi stocks start trading on Thursday.
1) Saudi Basic Industries Corp (SABIC) expects to form a joint-venture firm with Saudi Aramco that will control their upcoming oil-to-chemicals complex, Mosaed Al-Ohali, executive vice president (corporate finance), told Argaam.
2) Advanced Petrochemical Co. (Advanced) has signed a long-term off-take agreement with US-based Vinmar International, Ltd. for the sale of polypropylene, for five years. The agreement is effective January 1, 2019, with 175,000 metric ton scheduled for 2019 and 144,000 metric ton per year through 2020 to 2023.
3) Saudia Dairy and Foodstuff Co.’s (SADAFCO) board of directors has recommended a 20 percent interim cash dividend for the fiscal year 2017-2018, at SAR 2 per share, amounting to SAR 65 million.
4) United Electronics Co. (eXtra) said it has launched a commercial partnership with Noon.com to be the exclusive supplier of home and electronic appliances in Saudi Arabia. The financial impact of the partnership is expected to start Q1 2018.
5) Al Rajhi Company for Cooperative Insurance (Al Rajhi Takaful) has received Saudi Arabian Monetary Authority’s (SAMA) approval to market a new insurance product covering loss of employment. The approval is valid for six months, starting Dec. 1, 2017.
6) Oil prices edged up on Thursday, ahead of the OPEC meeting in Vienna today. Brent crude was last up 0.8 percent at $63.53/bbl, while WTI crude rose 0.4 percent at $57.54/bbl.
Write to Nadeshda Zareen at nadeshda.zareen@argaamplus.com
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