Etihad Atheeb Telecom, Sipchem: Persian Gulf Equity Preview
The following stocks may rise or fall in Persian Gulf markets. Stock symbols are in parentheses and prices are from the last close.
Advanced Petrochemicals Co. (APPC) of Saudi Arabia (APPC AB): The Saudi Arabian chemicals producer will give a 1-riyal dividend for the first half of the year. The shares advanced 0.3 percent to 33.5 riyals.
Combined Group Contracting Co. (CGC) : The construction company plans to expand operations in Saudi Arabia and Qatar after Kuwait postponed a $2.6 billion road-building contract the company sought in partnership with Hyundai Engineering & Construction. The shares were unchanged at 1,800 fils.
Etihad Atheeb Telecom Co. (EAT AB): The phone company received approval from the Capital Market Authority to cut its capital to 400 million riyals ($106 million) from 1 billion riyals. The capital decrease requires the approval of shareholders, it said. The shares decreased 1.9 percent to 7.75 riyals.
Saudi International Petrochemical Co. (SIPCHEM) : The company known as Sipchem received the approval of the Capital Market Authority to offer Islamic bonds to the public. The shares rose 0.9 percent to 21.55 riyals.
Vodafone Qatar (VFQS) : The venture between Vodafone Group Plc and the state-owned Qatar Foundation plans to obtain a $100 million loan in the next 45 days to establish a fixed-line phone network in the Persian Gulf emirate, said John Tombleson, the company’s acting chief executive officer. The shares were unchanged at 7.92 riyals.
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