9 things to watch on Tadawul today

Tadawul trading screen

Here are a few things you need to know as Saudi stocks start trading on Wednesday.

1) Riyadh Cement Co. reported a net profit after Zakat and tax of SAR 160.4 million in H1 2021, rising 32% year-on-year (YoY).

2) Mobile Telecommunication Company Saudi Arabia (Zain KSA) announced that it had not reached an agreement regarding the consortium formed to acquire the telecom towers, together owned by Etihad Etisalat Co. (Mobily).

3) Saudi Aramco announced a major expansion of its industrial investment program, “Aramco Namaat”, with the signing of 22 new memoranda of understanding (MoUs) and one joint venture (JV) agreement.

4) Mobile Telecommunications Company Saudi Arabia (Zain KSA) announced that the board of directors approved the non-binding offers received from the Public Investment Fund (PIF), Prince Saud bin Fahad bin Abdulaziz, and Sultan Holding Co., to acquire 60%, 10%, and 10% stakes, respectively, in its towers infrastructure.

5) AXA Cooperative Insurance Co. announced that AXA Mediterranean Holding S.A. (AXA Med) completed the sale of its 18% stake in AXA Cooperative to AXA Insurance B.S.C (AXA Gulf), at SAR 24.23 per share.

6) Middle East Paper Co. (MEPCO) renewed its Shariah-compliant bank facility agreement with Bank Albilad, including short- and medium-term facilities, whose value decreased from SAR 540 million to SAR 465 million.

7) Al Sagr Cooperative Insurance Co. received the resignation of Sultan bin Khaled Al-Turki, Chairman of the audit committee, and members Hussam bin Faisal Baward, Saud bin Saleh Al-Arefi, and Muhammad bin Saleh Al-Ghamdi.

8) Abdulmohsen Alhokair Group for Tourism and Development (Alhokair Group) announced, starting on Sept. 19, the distribution of compensation to rights issue owners who did not use their rights to subscribe to new shares.

9) Brent crude on Wednesday declined 7 cents to reach $71.62 per barrel while WTI crude increased 8 cents to reach $68./bbl.