Aljazira Takaful raises capita, Red Sea International and Baker Hughes sign deal: Pre-market wrap

Aljazira Takaful raises capita, Red Sea International and Baker Hughes sign deal: Pre-market wrap

RIYADH: The shares of Red Sea International Co.'s rose by four percent at 10:55 Riyadh after it signed a seven-year contract worth SR245.8 million ($65.5 million) with Baker Hughes to design, manufacture, supply and operate three camps in the Eastern region to support its oil drilling operations in the region, according to a bourse filing. Saudi Arabia's stock market traded higher this morning even as concerns about the new omicron COVID-19 strain persisted. The main stock index, TASI was up very slightly 0.86 percent, reaching 10,854.27 points at 10:55 Riyadh time. Saudi’s parallel market Nomu almost flat as it's down by 0.13 percent. Aljazira Takaful Taawuni Co.’s shareholders approved the board of directors’ recommendation to increase capital to SR550 million from SR470.66 million through 16.86 percent bonus shares, according to a bourse filing. This came during the extraordinary general assembly meeting held on Nov. 30, the company said in a statement on Saudi Stock Exchange, Tadawul. The capital increase will be executed by granting 0.1686 shares for every one share owned. The National Agricultural Development Company, or NADEC, announces recent developments relating to the acquisition of the Second Milling Company with OLAM International Limited, Al Rajhi International for Investment Company