Here are a few things you need to know as Saudi stocks start trading on Wednesday.
1) Al-Samaani Factory for Metal Industries Co. will start trading on the Saudi Stock Exchange (Tadawul) on Thursday, Dec. 10, 2020, with symbol 1832 under the commercial and professional industry group.
2) Amana Cooperative Insurance Co.’s board of directors recommended reducing the capital to SR130 million ($34.67 million) from SR240 million – a 45.8 percent decrease through cancelling 11 million shares.
3) Tadawul delisted Al-Ahlia Insurance Co.’s shares as of Monday, Dec. 7 as merger with Gulf Union Cooperative Insurance Co. takes effect.
4) Saudi Paper Manufacturing Co. (SPM) said subscription to new shares and the rights trading will start on Dec. 14, 2020.
5) Saudi Ground Services Co. (SGS) renewed its agreement with Nigeria's Azman Air to provide ground handling services.
6) Saudi Public Transport Co.’s (SAPTCO) board of directors approved using the statutory reserve of SR183.47 million to offset the accumulated losses as per the audited financials on Sept. 30, 2020.
7) Saudi Aramco and Baker Hughes announced the formation of Novel, a 50-50 joint venture (JV) to develop and commercialize a broad range of non-metallic products for multiple applications in the energy sector.
8) Brent crude on Wednesday declined 24 cents to reach $48.60 per barrel. WTI crude also decreased 24 cents to reach $45.36/bbl.
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