8 things you need to know on Tadawul today

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

1) Saudi Basic Industries Corporation (SABIC) received the regulatory approvals from the competition authorities to complete its purchase of 24.99 percent stake in Clariant.

2) SABIC appointed Citigroup Inc. as advisor on Saudi Aramco’s potential purchase of a 70 percent stake in the petrochemical giant from the Public Investment Fund, Bloomberg reported.

3) Qualified foreign investors (QFIs) increased their stakes in 49 Tadawul-listed firms, while 55 companies saw foreign investors cutting stakes on Sept.5, market data compiled by Argaam showed.

4) The Saudi Stock Exchange’s (Tadawul) initial public offering (IPO) won’t take place this year and might be launched in 2019 or 2020, CEO Khalid Al Hussan said.

5) The combined debt of Saudi-listed companies declined 2.1 percent quarter-on-quarter to SAR 637.1 million in Q1 2018.

6) Saudi Automotive Services Co.’s (SASCO) subsidiary Investments and Equipment Co. completed the purchase of 485 additional shares in Middle East Battery Co. for SAR 21.825 million through one of the partners.

7) Leejam Sports Co. started trading on Sept. 10 under the code 1830, with a daily price fluctuation limit of 10 percent per share. The company's net profit declined 12 percent year-on-year to SAR 72.47 million in H1 2018.

8) The conversion of the State Property Department into a general authority will help enhance the efficiency of the Kingdom’s assets management, said Yarob Al-Thunayan, undersecretary of the Ministry of Finance for Communication and Information.