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DISPUTE WATCH-
Al Akaria secures compensation in final court ruling: Saudi Real Estate (Al Akaria) was handed down a final ruling from the Riyadh Commercial Court that will see it receive SAR 187.5 mn, according to a filing to Tadawul. Al Akaria pushed for legal action in 2022, claiming that UAE-based Al Bayan Holding Group Company refused to pay financial liabilities pertaining to a 2016 agreement under which Al Akaria had invested SAR 187.5 mn in debt instruments.
M&A WATCH-
GO sets out to acquire Ejad Tech: Telecom company Etihad Atheeb (GO) inked a binding MoU to acquire 51% stake in IT service provider Ejad Tech for SAR 86.7 mn, it said in a filing to Tadawul. The transaction — pending regulatory approvals — is expected to be finalized in 4Q 2024. GO tapped Mekyal Financial Technologies as financial advisor, while Ejad Tech appointed ValuHub.
DEBT WATCH-
Zahrat Al Waha renewed a SAR 60 mn Shariah-compliant loan agreement with the Saudi National Bank, according to a disclosure to Tadawul. The credit facility, which runs until the end of May 2025, will be used to open letters of credit for raw material purchases.
Nama Chemicals signed an agreement with the National Bank of Kuwait to reschedule SAR 35.5 mn in outstanding debt, extending the repayment period to end in June 2027, instead of October 2025, it said in a bourse filing. The agreement aims to reduce the company’s monthly cash outflows.
SHIPPING + MARITIME
Mawani adds new shipping service to Jeddah Islamic Port: The Saudi Ports Authority (Mawani) has added Ocean Network Express’s RG2 shipping service to Jeddah Islamic Port, it said in a statement. The RG2 service is a weekly route with a capacity of some 2.9k standard containers and connects Jeddah with the ports of Mundra in India, Jebel Ali in the UAE, Aqaba in Jordan, and Sokhna Egypt.
FINTECH-
Kafaa Capital received the green light from the Capital Market Authority to test its debt instruments investment platform, after it was granted the fintech experiment license, according to a statement from the Authority.
MANUFACTURING-
Modon has inked a SAR 270 mn agreement with Nestlé to develop a 117k sqm site in Jeddah’s third industrial city for its first food factory in Saudi Arabia, set to open in 2025, it said in a disclosure to Tadawul. The factory will specialize in baby food and use automation and packaging tech to produce 15k tons annually, creating hundreds of jobs.
CAPITAL MARKETS-
Arqaam Capital Financial has been licensed by the Capital Market Authority to act as an advisor and arranger in securities, it said in a disclosure to Tadawul. This follows the completion of all required business commencement steps, with the license granted on 29 May, 2023.
