Saudi Equity Movers: Ma’aden, Al Khodari, Saudi Pharmaceuticals

The Tadawul All Share Index (SASEIDX) declined 0.3 percent to 6,523.94 at 11:07 a.m. in Riyadh.

The following stocks rose or fell in Saudi Arabia’s market.

Abdullah A.M. Al-Khodari Sons Co. (ALKHODAR) rose as much as 1.8 percent to 71.50 riyals after the Saudi Arabian contractor said it signed two contracts valued at 178.6 million riyals ($48 million) with the Ministry of Municipal and Rural Affairs.

Saudi Pharmaceutical Industries and Medical Appliances Corp. (SPIMACO AB) advanced as much as 0.3 percent to 38.30 riyals. The company known as Spimaco said it will raise its stake in its unit, CAD Middle East for Pharmaceutical Industries, to 40 percent from 25 percent. It will also grant the unit an interest-free loan valued at 40.7 million riyals. Spimaco also said it will own a 40 percent stake in a $12 million joint venture with Cooper Pharma of Morocco.

Saudi Arabian Mining Co. (MA’ADEN AB) jumped as much as 2.2 percent to 28.10 riyals after the state-controlled metals producer, known as Ma’aden, said initial production started from the Ras al-Zour phosphate plant, a 70-30 joint venture with Saudi Basic Industries Corp. (SABIC) .

To contact the reporters on this story: Mourad Haroutunian in Riyadh at mharoutunian@bloomberg.net.

To contact the editors responsible for this story: Shaji Mathew at shajimathew@bloomberg.net

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