10 things to consider as Tadawul starts trading

11/04/2018 Argaam
by Nadeshda Zareen

 

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

 

1) Saudi Arabia on Tuesday gave initial price guidance for a planned three-part dollar bond, according to a document from one of the banks leading the potential deal, Reuters reported.

 

2) France’s Total SA is planning to build a giant petrochemical complex that will be integrated downstream with SATORP, its Jubail-based joint venture with Saudi Aramco.

 

3) Saudi Company for Hardware (SACO) plans to open 14 new stores over the next three years, with four set to open in 2018, chief executive Sameer Al-Hamidi told Argaam.

 

4) Almarai Co.’s extraordinary general assembly has approved a 7.5 percent cash dividend for fiscal year 2017 (SAR 0.75 per share) amounting to SAR 750 million.

 

5) Ash-Sharqiyah Development Co. has signed a memorandum of understanding (MoU) with Omar Saleh Babuker to acquire two income-generating properties in Riyadh, as well as the Babuker supermarket chain.

 

6) National Gypsum Company (NGC) has renewed the license of its quarries from the Ministry of Energy, Industry and Mineral Resources.

 

7) The National Shipping Company of Saudi Arabia (Bahri) has received the delivery of a new Very Large Crude Carrier (VLCC) named “Khurais.”

 

8) Riyad REIT’s capital hike is aimed at acquiring three new assets worth over SAR 1 billion and paying SAR 150 million out of SAR 200 million in short-term Murabaha facilities, the fund’s chairman, Adel Ateeq, told CNBC Arabia.

 

9) The board of directors of Saudi Paper Manufacturing Co. advised a 46.67 percent capital reduction to SAR 240 million (from SAR 450 million) to offset accumulated losses.

 

10) Crude oil prices eased on Wednesday, with Brent crude last down 0.4 percent at $70.75/bbl while WTI crude fell 0.2 percent to $65.36/bbl.

 

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

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