5 things you need to know on Tadawul today

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

1) National Agricultural Development Co. (NADEC) said it has attended a meeting at the ministry of environment, water and agriculture, in the presence of the consultancy office assigned to survey the area of the company’s agricultural land. Results of the survey and the way that alive areas to be owned by NADEC should be measured were discussed.

2) Bawan Company has signed Islamic bank facilities agreement worth SAR 200 million with Gulf International Bank (GIB). The financing period starts from Sept. 19 until Dec. 31, 2017.

3) Alujain Corp.’s Q2 2017 profit fell 68 percent to SAR 12.49 million compared to the same period last year mainly due to lower sales volumes of polypropylene on the scheduled shutdown of NATPET petrochemical plant.

Separately, the Saudi Capital Market Authority said it will continue to suspend Alujain from trading until the company adjusts its financial position.

4) Saudi-based Acwa Power seeks to acquire one or two bundles of power generation assets from Saudi Electricity Co. (SEC), as it expects to become a major investor in its home market, Reuters reported, citing Thamer al-Sharhan, the Saudi firm’s managing director.

5) Oil edged higher on Wednesday, with Brent crude last up 0.2 percent at $55.33/bbl while WTI crude rose 0.3 percent to $49.76/bbl.

Write to Nadeshda Zareen at nadeshda.zareen@argaamplus.com