9 things to consider as Tadawul starts trading

17/01/2018 Argaam
by Nadeshda Zareen

 

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

 

1) Saudi Arabia’s Public Investment Fund (PIF) is said to be in discussions to invest more than $500 million in Endeavor, the holding company for Hollywood talent agency WME and Miss Universe organization.

 

2) Saudi Aramco is reported to not have asked Switzerland’s UBS and Bank of America Merrill Lynch (BofAML) to pitch for senior advisory roles in its planned initial public offering.

 

3) Saudi Arabian General Investment Authority (SAGIA) awarded last week 10 investment licenses to foreign direct investors, the government body's weekly data showed.

 

4) Dar Al-Arkan Properties will distribute dividends on an annual basis following its listing on the Saudi Stock Exchange (Tadawul) this year, chief executive Ziad El Chaar told Argaam.

 

5) Saudi Automotive Services Co. (SASCO) reported a net profit of SAR 29.9 million for fiscal year 2017, a 15.1 percent year-on-year (YoY) increase.

 

6) Saudi Company for Hardware (SACO) plans to add seven new showrooms in Saudi Arabia as part of its strategic goals for 2019-2020.

 

7) Samba Financial Group has been fined by Saudi Arabian Monetary Authority (SAMA) for its failure to abide by the required operational standards relating to information technology infrastructure and business continuity.

 

8) Muscat Capital’s Al Masha'ar REIT Fund will start trading on Saudi Stock Exchange (Tadawul) on January 18, under the code 4337.

 

9) Oil prices declined on Wednesday amid warnings of a correction from analysts. Brent crude was last down 0.2 percent at $69.02/bbl, while WTI crude fell 0.2 percent to $63.61/bbl.

 

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

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