Saudi Equity Movers: Almarai, Herfy Food, Saudi Vitrified

The Tadawul All Share Index (SASEIDX) gained 1.3 percent, the largest intraday gain in three weeks, to 6,056.43 at 11:14 a.m. in Riyadh.

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

Almarai Co. (ALMARAI AB) advanced 1.2 percent to 87 riyals after Saudi Arabia’ largest food producer by market value appointed Paul Gay as chief financial officer, succeeding Georges Schorderet, who was appointed chief operating officer. The company also named Malcolm Jordan general manager of marketing.

Herfy Food Services Co. (HERFY) added 1.6 percent, the largest intraday gain since Aug. 13, to 78.25 riyals. The Saudi Arabian fast-food chain obtained a 45 million-riyal ($12 million) loan from the Saudi Industrial Development Fund to finance a plant under construction in the Second Industrial City in Riyadh.

Saudi Vitrified Clay Pipe Co. (SVCP AB) jumped 4 percent, the largest intraday gain in a month, to 58 riyals. 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.

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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