Saudi Steel Pipe, Makkah Construction: Saudi Equity Preview

The following stocks may rise or fall in Saudi Arabia’s market. Stock symbols are in parentheses and prices are from the last close.

The Tadawul All Share Index (SASEIDX) gained 0.6 percent to 6,088.25 on Aug. 17.

Al Jouf Cement Co. (JOUF AB): The Saudi Arabian producer of building materials named Saad Hedaib as its managing director. The shares rose 0.7 percent to 14.55 riyals.

Makkah Construction & Development Co. (MCDCO AB): The Saudi Arabian developer of property around the grand mosque in Mecca approved a dividend of 1.5 riyals ($0.40) a share for the fiscal year that ended March 31. The shares advanced 0.6 percent to 33.5 riyals.

Saudi Arabian Amiantit Co. (SAAC) : The manufacturer of construction materials said it received $6.9 million for selling a 30 percent stake of its assets in Latin America. The Dammam, Saudi Arabia-based company has now sold all its stakes in Latin American plants. The shares rose 0.3 percent to 15.10 riyals.

Saudi Steel Pipe Co. (SSP) : The manufacturer of welded pipes said it became a partner in Chemical Development Co., which is planning a 2 billion-riyal poly-silicon plant in Jubail Industrial City. The shares advanced 1.1 percent to 22.95 riyals.

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

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

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