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ASSET MANAGEMENT-
The Capital Market Authority (CMA) approved investment bank GIB Capital’s public offering of GIB Opportunistic Indian Equity Fund, according to a statement by the market regulator. No details have been yet disclosed on the offering.
About GIB Capital: Established in 2008, GIB Capital is a fully owned subsidiary of pan-GCC Gulf International Bank. It has offices in Riyadh, Bahrain, and Abu Dhabi and has advised on some of top IPOs in Saudi in the past years, including telecom operator Stc in 2003, National Commercial Bank in 2014 and others. It was also the financial advisor to the substantial shareholders of leading broadcaster MBC’s blockbuster IPO in late 2023.
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DEBT WATCH-
Tadawul-listed SHL Finance Co. has renewed a SAR 2.1 bn Shariah-compliant credit facility with Arab National Bank (ANB), it said in a disclosure to Tadawul. The facility will now run until 30 April, 2025. It aims to grow the finance company’s sales volume.
More than acquainted: The home finance company’s primary shareholders include ANB, leading real estate developer Dar Al Arkan, and the World Bank’s private investment arm, the International Finance Corporation.
FOOD-
The UAE’s Agthia launched its protein manufacturing facility in Jeddah’s First Industrial City, according to a statement (pdf). The AED 90 mn (SAR 91.9 mn) facility can produce up to 9k tons of manufactured protein over 9k sqm and export to more than 25 countries, according to the statement. The facility has two production lines manufacturing over 50 SKUs, supported by a supply chain involving over 69 raw materials. The facility is part of a Saudi expansion announced in May 2022.
FINANCE-
The board of Tadawul-listed drugmaker Jamjoom Pharma has agreed to provide a corporate guarantee for a credit facility for its joint venture in Algeria, according to a disclosure to Tadawul. The pledge will secure an SAR 44.4 mn loan from Société Générale Algérie to fund a production line for ophthalmology products at Jamjoom Algeria Lil Dawa’s factory. Jamjoom Pharma owns a 49% stake in the JV.
MANUFACTURING-
The total sales of 17 local cement manufacturers were down 4.6% y-o-y to 3.6 mn tons in June, with Northern Region Cement leading the drop with a 53.1% fall in sales, Mubasher reported, citing monthly figures by Yamama Cement. The Tadawul-listed cement manufacturer topped the list of top sellers in June despite its sales falling 25.4% y-o-y. Only eight companies reported higher sales on an annual basis in June led by Umm Al-Qura Cement’s 66.7% increase in sales.
