BNY Mellon, SNB Capital to provide new platform for big investors in Saudi Arabia

BNY Mellon, SNB Capital to provide new platform for big investors in Saudi Arabia
BNY Mellon, SNB Capital to provide new platform for big investors in Saudi Arabia

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Jeddah - Yasmine El Tohamy - Here’s what you need to know before trading on Dec. 20, 2021

RIYADH: Saudi bourse’s main index, TASI, ended yesterday’s session down 1.34 percent to 11,160 points, partly shrugging off last week’s gains.

The parallel market Nomu surged 4.23 percent to reach 27,025 points.

The fall in the Saudi bourse came in line with global and regional markets, all threatened by the omicron coronavirus variant.

Apart from Saudi, the prior session’s regional fallers included the UAE’s index DFMGI which fell 3.6 percent, followed by Abu Dhabi’s index ADI and the Egyptian Index EGX, dropping nearly 2 percent and 0.9 percent, respectively.

 

Stock news:

SABIC Agri-Nutrients Co.’s board recommended SR1.43 billion ($0.38 billion) dividends – SR3 per share – for the second half of 2021. The company announced earlier today the appointment of Abdulrahman Shamsaddin as its first chief executive officer, effective Jan. 1, 2022.

Abdullah Saad Mohammed Abo Moati for Bookstores renewed its SR50 million credit facility agreement with Bank Aljazira in compliance with Sharia laws.

The Mediterranean and Gulf Cooperative Insurance and Reinsurance Co., MEDGULF, is to distribute a sum of SR23.63 million as compensation to rights issue owners who haven’t claimed their subscription rights.

Advance International Co.’s initial public offering price on Nomu was set at SR110 per share, having finalized the book-building process by FALCOM Financial Services.

Al Sagr Insurance, Gulf Union Alahlia Insurance announced the start of discussions for a potential merger; a non-binding agreement will be signed to explore the merger feasibility.

Alkhorayef Water and Power Technologies won a SR45.36 million contract to provide maintenance and repair solutions over 36 months for the National Water Co.

National Shipping Co. of Saudi Arabia, also known as Bahri, appointed its board member Ahmed Alsubaey as the company’s chief executive officer, following the resignation of Abdullah Aldubaikhi. The change will be effective as of April 2022.

 

Calendar:

Dec. 20, 2021:

  • The listing and trading of Almunajem Foods Co.’s shares on Saudi exchange’s main market starts
  • Last day for Batic Investment and Logistics Co.’s SR300 million rights issue trading

Dec. 23, 2021:

  • Last day to subscribe to Batic’s new shares
  • Individual subscription to Jahez Marketing Co.’s initial public offering starts, with as many as 272,786 shares up for subscription

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