Saudi Automotive Services Co. (SASCO) issued a statement on Wednesday clarifying that its reclassified securities are included in its portfolio managed by NCB Capital— not Mulkia Investment Company.
Sasco’s board of directors on Monday reclassified some of its held-for-trading securities to available-for-sale due to a change in holding duration.
The securities were included in an equity portfolio managed by NCB Capital, which was opened on Sept. 22, according to data compiled by Argaam.
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