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) Saudia Dairy & Foodstuff Co. (SADAFCO) signed on Tuesday a non-binding agreement with Poland’s Mlekoma and its subsidiaries Foodexo and Mlekoma Dairy to continue the due diligence process of acquiring a controlling stake.

2) Jouf Cement Co.’s wholly-owned subsidiary Jawf Investment Co. has signed an agreement to sell its entire 40 percent stake in Bridges Trading & Contracting to Nour Al-Balkan Trading for SAR 59.1 million, the company said in a bourse statement.

3) Saudi Pharmaceutical Industries and Medical Appliances Corporation (SPIMACO) has postponed the completion date of its administrative tower in Riyadh to Q1 2018.

4) Jarir Marketing Co. is planning to open one or two showrooms in the fourth quarter and enhance its e-platform, chairman Muhammad Al-Agil told Argaam.

5) Crude oil prices extended gains on Wednesday following indications from OPEC that the market was moving towards rebalance. Brent crude was last up 0.1 percent at $56.69/bbl while WTI crude rose 0.3 percent to $51.06/bbl.

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