Almarai, Saudi Vitrified, Herfy Food: 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 1 percent to 5,979.30 on Aug. 24.

Almarai Co. (ALMARAI AB): Saudi Arabia’ largest food producer by market value appointed Georges Schorderet as chief operating officer. Paul Gay succeeded Schorderet as chief financial officer and Malcolm Jordan was named general manager of marketing. The shares were unchanged at 86 riyals.

Herfy Food Services Co. (HERFY) : The Saudi Arabian fast- food chain obtained a loan valued at 45 million riyals ($12 million) from the Saudi Industrial Development Fund to finance a plant under construction in the Second Industrial City in Riyadh. The shares dropped 0.7 percent to 77 riyals.

Saudi Vitrified Clay Pipe Co. (SVCP AB): The manufacturer of clay pipes and fittings signed a memorandum of understanding to acquire Arabian Company for Water Pipe Industry, known as Acwa Pipe. Saudi Vitrified will raise its capital by issuing stock for Acwa Pipe. Saudi Vitrified’s shares rose 0.9 percent to 55.75 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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