RIYADH: Red Sea International Co. has received its shareholders’ approval for a 50 percent capital reduction in a bid to support the company’s future plans. The construction firm will bring down its capital to SR302 million ($80 million) from SR600 million by canceling nearly 30 million shares from its 60 million current shares, a bourse filing showed.
RIYADH: Saudi Arabia’s stock exchange ended its five-day winning streak to close slightly lower on Sunday, tracking Friday’s drop in oil prices. TASI, the main index, edged down 0.11 percent to 11,975, while the parallel Nomu market rose 0.46 percent to 21,056. Fellow GCC bourses were mixed. Bahrain led the gainers as it added 0.7 percent, Oman and Qatar followed with a 0.6
RIYADH: The Saudi-listed Red Sea International Co. has received the Capital Market Authority’s approval to reduce its capital by 49.6 percent. The capital reduction is from SR600 million ($159.8 million) to SR302 million, while the number of shares will decrease from 60 million shares to 30.23 million shares, according to a statement. The approval is conditional on the firm’s
RIYADH: Saudi stocks rebounded on Sunday as a rise in oil prices boosted investor sentiment in the oil-rich nation. TASI exited the day with a 1.3 percent gain at 12,689, while the parallel market Nomu advanced 0.58 percent at 22,402. Elsewhere in the Middle East, stock exchanges of Qatar, Oman, and Bahrain added between 0.3 and 0.6 percent and Kuwait’s BKP index surged 1.9
RIYADH: Saudi stocks closed lower last week as mixed earnings reports and volatile crude prices weighed on investor sentiment. The main index TASI shed 2.24 percent to 12,427 points, while the parallel Nomu market was down 1.4 percent to 22,508 points. While Saudi Arabia led the fall in the Gulf, stock exchanges in the UAE, Qatar, Bahrain, and Kuwait recorded losses in