Saudi minister holds talks with Microsoft, IBM and others over expansion plans

Saudi minister holds talks with Microsoft, IBM and others over expansion plans
Saudi minister holds talks with Microsoft, IBM and others over expansion plans

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Jeddah - Yasmine El Tohamy - RIYADH: Saudi Arabia’s Tadawul All Share Index slipped on Wednesday, losing 14.58 points, or 0.12 percent, to close at 12,063. 

The total trading turnover of the benchmark index was SR10.67 billion ($2.84 billion) as 60 stocks advanced, while 160 retreated.  

The Kingdom’s parallel market, Nomu, also dipped, losing 239.27 points, or 0.97 percent, to close at 24,515.86. This comes as 26 stocks advanced, while as much as 32 retreated. 

In contrast, the MSCI Tadawul Index increased by 0.13 points, or 0.01 percent, to close at 1,568.23. 

The best-performing stock of the day was MBC Group Co. The company’s share price surged 9.87 percent to SR60.10. 

Riyadh Cables Group Co. and Bawan Co., also performed well, as their share prices soared by 6.65 percent and 5.34 percent, to stand at SR109 and SR48.30 respectively. 

The worst performer was Rabigh Refining and Petrochemical Co., whose share price dropped by 4.3 percent to SR9.57. 

Other poor performers were Wataniya Insurance Co. as well as Arabia Insurance Cooperative Co., whose share prices dropped by 4.1 percent and 3.8 percent to stand at SR20.12 and SR15.20, respectively. 

Moreover, Red Sea International Co. and Saudi Co. for Hardware also fared badly. 

On the announcements front, Qassim Cement Co. revealed its intention to make an offer to acquire all shares of Hail Cement Co. through a securities exchange offer. 

According to a Tadawul statement, QCC has agreed to make an offer to HCC’s shareholders to acquire all shares of HCC in consideration for newly issued shares in QCC. 

Furthermore, Banque Saudi Fransi announced its intention to issue US dollar-denominated certificates under its Trust Certificate Issuance Program. 

In a statement on Tadawul, the bank said that the issuance is expected to be through a special purpose vehicle and by way of an offer to eligible investors in the Kingdom and internationally. Banque Saudi Fransi has mandated Citigroup Global Markets Ltd., Emirates NBD Bank P.J.S.C., HSBC Bank plc, as well as Merrill Lynch International, Mizuho International plc and Saudi Fransi Capital as joint lead managers. 

Moreover, Rabigh Refining and Petrochemical Co., also known as Petro Rabigh, announced its accumulated losses reached 38.34 percent of its share capital of SR16,710 million based on the unaudited financial results for December 2023 that was closed on Jan. 16, 2024. 

It explained that these losses were primarily due to the challenging market conditions adversely affecting the margins for both refined and petrochemical products, and the planned turnaround of its Phase II units starting from Dec. 1, 2022, to Jan. 23, 2023.

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