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LOCALIZATION-
Jadco wants to localize seed potato production: Al Jouf Agricultural Development (Jadco) sealed a MoU with Korean agritech E Green Global (EGG) to bring its seed potato production technology to the Kingdom, it said in a disclosure to Tadawul yesterday. The agreement will see EGG carry out studies for the production of the seeds here to meet Jadco’s needs and sale to both local and international markets, it said.
REMEMBER- The Kingdom — one of the largest importers of seed potato globally — has been pushing with efforts in recent years to localize their production in a bid to slash imports. It has offered several investments in the sector under its self-sufficiency plan.
PHARMA-
Spimaco signs MoU to bring in HPV vaccines: The Saudi Pharma Industriesand Medical Appliances Corporation (Spimaco) signed a non-binding MoU with Chinese biotechnology firm Jiangsu Recbio Technology for the supply of HPV vaccines at home and the region, it said in a disclosure to Tadawul yesterday. Spimaco will import the vaccine in bulk, and commercialize and distribute it here and in the wider region. It seeks manufacturing it locally at a later stage after the completion of the technology transfer. The MoU is valid for one year, subject to extension given the approval of both parties. Financial details related to the agreement were not disclosed.
Why this matters: The HPV vaccine protects against cervical cancer, which is the 8th most recurring cancer among women in the Kingdom, according to data by Spimaco. It is also the most chronic cancer for women aged between 15 and 44. This vaccine is included in the national immunization schedule and requires two doses for girls aged 11 and 12.
CAPITAL MARKET-
Eight off-market transactions worth SAR 438 mn closed yesterday on Tadawul: Al Rajhi Bank has closed SAR 302 mn, while Saudi National Bank (SNB) closed two transactions worth a combined SAR 86 mn, Al Rajhi Takaful closed SAR 16.7 mn, Arab National Bank (ANB) closed SAR 20.5 mn, Saudi Aramco closed SAR 8 mn, and Saudi Reins. Company closed SAR 4.6 mn, Argaam reports.
SOUND SMART- An off-market transaction is a stock purchase that is conducted directly between the buyer and seller. This allows buyers to make bulk purchases at a markdown to the market price without causing sudden impact on the company’s share value.
ENGINEERING-
AWPT to operate, maintain water and sewage networks in Taif: Alkhorayef Water and Power Technologies (AWPT) landed a SAR 70.5 mn contract from National Waterto operate and maintain water and sewage networks in Taif, it said in a disclosure to Tadawul yesterday. There is no publicly available information about the duration of the contract.
ENERGY-
Modon, Alfanar Projects partner up for HVDC converter station: The Saudi Authority for Industrial Cities and Technology Zones (Modon) are joining forces with project developer Alfanar Projects to develop a high voltage direct current converter (HVDC) station in Tabuk Industrial City, according to a statement by Alfanar yesterday. The statement did not provide financial details or timeline for the project.
