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GCC Equity Market Monitor - 27 March

Majed Salah
By Majed Salah
5 years ago
GCC Equity Market Monitor - 27 March

Ard, Dinar, Murabaha , Shariah , Usufruct, Sales


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  1. GBCM Morning Briefing GBCM  Morning Briefing Contents GCC Equity Markets Monitor MSM Statistics and Indicators MSM Statistics and Indicators MENA, Global markets, Benchmark Indices and Currencies Performance Global Commodities and Petrochemicals Oman News MSM Market Watch 2016 Dividends/ 2017 AGM Calendar  / Regional News Coverage March 27, 2017 3/27/2017
  2. GCC  ‐ Equity Market Monitor 25.0% 20.0% 15.0% 10.0% 5.0% 0.0% ‐5.0% ‐10 0% 10.0% Daily Return YTD Return MTD Return Oman Saudi UAE (DFM) UAE (ADX) Kuwait ‐ PI 0.3% ‐2.2% ‐2.2% ‐0.1% ‐4.7% ‐1.4% 0.2% ‐1.8% ‐4.5% ‐0.7% ‐1.8% ‐1.9% 0.0% 22.5% 3.8% Source: Respective Stock Markets, Bloomberg, GBCM Research GBCM Morning Briefing 2 Kuwait  ‐ Wtd ‐0.6% 11.1% ‐0.5% Qatar Bahrain ‐0.3% ‐0.2% ‐2.7% 0.2% 13.0% 2.1%
  3. MSM  ‐ Net Buy/(Sell) Position Top 5 ‐ Turnover Market Share – Previous Day Previous Day Turnover: RO 2.451 million (c. US$ 6.4 million) Figures In RO OMANIS GCC Arabs OTHERS Sector Turnover (RO) Market Share Ooredoo Oman Services 257,338 10.5% Omantel Services 245 348 245,348 10 0% 10.0% BUY SELL NET 1,887,791 1,887,791  2,105,388 2,105,388  (217,596) 367,784  85,525  282,258  Oman Fisheries Industry 202,523 8.3% 8,085  66,161  (58,077) Port Services Corp Services 192,819 7.9% 187,838  194,423  (6,585) Nat Bank Of Oman Banking 167,543 6.8% MSM ‐ Lead Indicators Value  Indicators ** Value Leaders Mkt. Cap (In RO 000s) Daily Market Performance y PER (X) P/BV (X) Dividend  Yield (%) Indices  Monitor Current Closing Previous  Daily %  MTD %  Closing Chg Chg YTD % Chg MSM 30 6,520,713 10.4 1.1 5.6% MSM 30 5,654.02 5,635.08 0.34% ‐2.18% ‐2.23% Financial 3,316,687 8.7 0.9 4.9% Financial 8,017.80 7,981.36 0.46% ‐1.80% 4.51% Industrial 1,002,546 20.2 1.4 4.7% Industrial 7,868.88 7,882.87 ‐0.18% ‐0.49% 6.23% Services 2,877,230 12.2 1.7 6.4% Services 2,936.91 2,930.32 0.22% ‐2.36% ‐3.98% MSM Shariah 2,716,724 10.8 1.6 6.0% 846.27 845.91 0.04% ‐0.90% ‐2.62% MSM Shariah 3/27/2017 GBCM Morning Briefing 3
  4. MENA  Markets Performance Index  Global Markets Performance Closing   MENA  % Chg %MTD %YTD   9.8 1.3 ‐1.1 ‐3.6 1.8 3.3 6.2 3.3 1.0 ‐1.4 1.8 15.7 ‐2.0 ‐2.1 ‐1.4 0.9 ‐1.9 1.9 2.6 3.3 ‐2.0 ‐1.7 ‐1.3 3.1 5.7 ‐1.5 1.5 8.9 9.6 ‐1.3 Egypt Jordan Tunis  Morocco Palestine Turkey 13,108.2 0.6 2,241.0 0.2 5,545.3 0.0 24,117.0 ‐1.5 539.7 0.2 90,382.7 0.7 MENA Benchmark (S&P/ MSCI) S&P GCC LMC 119.6 ‐0.3 S&P GCC (USD) 98.1 ‐0.3 S&P GCC (40 Index) – Price Return  1,034.0 0.0 S&P GCC (40 Index) – Total Return  1,662.0 0.0 MSCI GCC MSCI GCC 469.4 ‐0.3 0.3 MSCI Frontier  544.0 0.3 MSCI Frontier ex GCC 825.8 0.3 MSCI Arabian Index 512.2 ‐0.2 Index  Closing   Americas  % Chg %MTD %YTD   S&P 500 Dow Jones Nasdaq Brazil 2,344.0 20,596.7 5,828.7 63,853.8 ‐0.1 ‐0.3 0.2 0.5 ‐0.8 ‐1.0 0.1 ‐4.2 4.7 4.2 8.3 6.0 ‐0.1 ‐0.2 0.2 1.0 3.3 1.9 2.7 3.3 5.1 ‐1.5 ‐0.4 ‐0 0.5 5 0.1 ‐0.6 0.0 ‐0.7 2.2 18 1.8 0.9 3.1 2.3 ‐0.7 10.3 99 9.9 5.4 6.4 ‐2.4 %MTD %YTD %YTD  ‐1.8 2.5 ‐0.2 2.2 1.2 2.9 1.8 ‐0.1 ‐0.1 2.4 ‐0.3 0.2 1.2 0.0 0.0 0.0 0.3 0.0 0.0 ‐2.9 3.1 0.9 6.0 1.6 3.7 3.2 1.1 ‐0.1 4.3 5.9 1.2 ‐2.2 0.0 0.0 0.0 0.4 0.0 0.0 Europe FTSE 100 CAC 40 DAX Asia Pacific Nikkei  Hang Seng Sensex Shanghai Korea Russia Global Benchmark Indices Index Closing  % Chg %MTD %YTD  1,845.8 0.0 0.4 5.4 MSCI World ‐Ex MSCI World  Ex USA USA 1,796.2 0.2 2.2 6.2 MSCI Europe‐ USD 1,567.0 0.0 3.4 6.5 969.1 0.1 3.5 12.4 MSCI EM Index Dollar Index USD Vs EURO  USD Vs Canadian Dollar  USD Vs Japanese Yen  USD Vs GBP  USD Vs Swedish Krona USD Vs Swiss Franc  USD Vs Chinese Renminbi USD Vs Hong Kong Dollar  USD Vs Indian Rupee  USD Vs Aus Dollar  USD Vs Indonesia Rupiah  USD Vs Turkish Lira Spot  USD Vs Omani Riyal  USD Vs UAE Dirham  USD Vs Saudi Riyal  USD Vs Kuwait Dinar  USD Vs Qatar Riyal  USD Vs Bahrain Dinar  Fixed Income (Bloomberg/EFFAS Bond Indices)  US 10+ Yr TR 560 8 560.8 03 0.3 00 0.0 17 1.7 Euro Liquid 10+ Yr TR 227.3 0.3 ‐0.8 ‐1.7 ‐3.8 ‐3.5 Commodity (Bloomberg)  Commodity  84.4 ‐0.1 Source: Data taken from Bloomberg GBCM Morning Briefing 18,979.1 24,263.1 29 269 6 29,269.6 3,271.2 2,155.7 1,124.7 Global Currencies Index Global Equity (MSCI) MSCI World – USD , 7,336.8 5,020.9 12,064.3 4 Closing Closing  % Chg % Chg In Comparison with USD 99.279 1.085 1.333 110.370 1.253 8.783 0.988 6.873 7.767 65.115 0.763 13309.000 3.603 0.385 3.673 3.750 0.305 3.641 0.377 ‐0.3 0.4 0.4 0.9 0.5 0.3 0.4 0.2 0.0 0.5 0.1 0.1 0.3 0.0 0.0 0.0 0.0 0.0 0.0
  5. Commodities  Performance Index  Petrochemical Performance Closing   % Chg %MTD %YTD  NYMEX Crude 47.8 ‐0.4 ‐12.2 ‐14.7 ICE Brent Crude 50.7 ‐0.2 ‐10.2 ‐12.6 Crude Oil, Oman  49.9 0.6 ‐9.5 ‐8.0 NYMEX Natural Gas  3.1 1.5 12.5 ‐12.5 160.5 0.0 ‐7.2 ‐13.8 Precious Metals Gold Spot  1,256.2 1.0 0.6 9.0 Silver Spot 17.9 0.5 ‐2.5 12.2 Platinum Spot  972.9 0.9 ‐5.0 7.7 Palladium Spot  809.6 ‐0.5 4.9 18.4 Base Metals  LME Aluminium‐Spot 1 928 8 1,928.8 03 0.3 05 0.5 13 2 13.2 LME Copper‐Spot 5,777.0 ‐0.4 ‐3.2 4.6 LME Zinc‐Spot 2,811.8 0.6 ‐0.2 9.9 LME Lead‐Spot 2,342.5 ‐0.9 3.9 17.2 LME Nickel‐Spot 9 807 5 9,807.5 ‐1.6 16 ‐10.2 10 2 ‐1.6 16 Steel  648.0 US ‐ Hot Roll Coil Steel  ‐0.8 4.5 %YTD ‐20.7 ‐5.3 ‐15.5 ‐1.8 820.0 ‐15.5 ‐1.8 Benzene CFR India Spot 825.0 ‐15.4 ‐1.8 456.5 ‐8.4 ‐1.4 Condensates (in USD/ MT)  European Naptha  Naphtha C&F Japan  451.9 ‐10.8 ‐9.0 Naphtha CIF NWE Cargo 443.1 ‐9.7 ‐8.8 p g p p Naphtha fob Singapore Spot  48.9 ‐11.1 ‐8.9 Olefins (in USD/ MT)  Ethylene Spot  1,185.0 3.0 28.1 Ethylene FOB Korea Spot 1,115.0 ‐13.9 0.9 Ethylene FOB Japan Spot 1,110.0 ‐14.0 0.9 855 0 855.0 ‐12.8 12 8 ‐1.2 12 3.1 15.5 Propylene FOB Korea Spot Propylene FOB Korea Spot Intermediate (in USD/ MT)  2EH CFR Far East Asia 1,005.0 2EH CFR South East Asia 1,020.0 2.5 14.6 955.0 ‐5.9 ‐3.1 DOP CFR Far East Asia Polymers (in USD/ MT)  ‐5.9 ‐8.9 ‐6.7 ‐4.3 Film Grd Poly HDPE SE Asia 1,160.0 ‐4.9 ‐0.9 y p Film Grd Poly HDPE India Spot 1,190.0 , 0.9 5.3 1,690.0 ‐1.5 9.0 UREA Cornbelt 260.0 ‐10.3 ‐5.5 UREA Middle East 222.0 ‐17.8 ‐9.4 US Urea Avg Retail Price US Urea Avg. Retail Price 364 5 364.5 ‐3.8 38 56 5.6 ‐0.1 01 Wheat ‐ Active Contract  423.0 ‐0.4 ‐4.7 0.6 CBOT ‐ Soya bean  973.8 ‐3.8 Shipping  44 4 44.4 815.0 Benzene CFR Japan Spot 9,065.0 ‐4.4 44 37 3.7 Benzene FOB Korea Spot 1,120.0 03 0.3 ‐6.0 805.0 Film Grd Poly HDPE Far E Spot 357 3 357.3 ‐0.2 Benzene Aromatics Rotterdam  3.3 C Corn ‐ A i C Active Contract  B lti D I d Baltic Dry Index  %MTD LLDPE Future Contract (CNY/ MT)  Agriculture  1 240 0 1,240.0 Closing A Aromatics (in USD/ MT)  i (i USD/ MT) Energy  NYMEX Gasoline  Index  29 0 29.0 Urea (in USD/ MT)  Urea Price (RMB/ MT)  Source: Data taken from Bloomberg 3/27/2017 GBCM Morning Briefing 5
  6. Oman News Oman Inv and Finance Co ‐ Award of Prepaid System Implementation and Collection for EHC (Source: MSM)  Electricity Holding Co SAOC (Nama Holding) EHC has awarded, to a consortium that includes Oman Investment & Finance Co. SAOG (OIFC), a contract for Prepaid System Implementation and Collection, which was concluded and accepted by OIFC last week.  The contract value is RO 199K. OIFC will also receive fees based on actual collection and vending transactions conducted by OIFC, for a period of 3 years. years OIFC expects reasonable returns out of this contract. contract Central banks of Oman, Iran sign agreement (Source: Times of Oman)  Oman’s central bank has signed a memorandum of understanding (MoU) with its counterpart in Iran. The MoU aims at strengthening the extensive bilateral relations, relations while enhancing mutual cooperation between the two countries. countries It also aims to support and develop banking, banking financial and economic operations in both the Sultanate and Iran.  In addition, the articles of the MoU covered mutual exchanges of knowledge and expertise relating to the banking sector, and cooperation between the two countries in promoting bilateral and international trade. Sultanate Q3 2016 FDI Exceeds RO 7.02 billion (Source: ONA)  Foreign direct investment (FDI) in Oman as at end of Q3 2016 exceeded RO 7.02 billion, according to official report. FDI flow as of Q3, 2016 stood at RO 154 million.  Sector wise, the oil and gas exploration attracted FDI of RO 3.02 billion, while financial intermediation secured FDI of over RO 1.39 billion.  FDI in the manufacturing sector reached RO 986.4 million. Real estate renting and business activities received RO 622.2 million of FDI by the end of the third quarter. Other sectors together reported FDI of RO 999.2 million.  The UK tops the list of investors in Oman, with a foreign direct investment of RO 2.797 billion, followed by UAE at RO 924.8 million and Kuwait at RO 396.1 million in FDI.  The other major countries on the list include Qatar (RO 314.8 million), Bahrain (RO 302.6 million), India (RO 298.9 million), Netherlands (RO 230.6 million), US (RO 215.6 million), and Switzerland (RO 178.2 million). GBCM Morning Briefing 6
  7. Oman News Oman  Real Estate Data‐ Feb 2017 (Source: ONA)  As per news sources quoting the Secretary of the Real Estate Registry at the Ministry of Housing, the value of traded contracts during  February 2017 stood at RO 218.431 million while the collected fees amounted to RO 5.989 million.   Real estate activity involved 29,827 transactions that included sale, grant, inheritance, exchange, mortgage and mortgage redemption,  usufruct and division transactions usufruct and division transactions.  The total value of sale contracts stood at RO 87.055 million through 5033 sale transactions at the level of the Sultanate's governorates  while the fees collected hit RO 3.455 million.  The total value of mortgage contracts stood at RO 129.655 million through concluding 1650 contracts at the level of governorates in the  The total value of mortgage contracts stood at RO 129.655 million through concluding 1650 contracts at the level of governorates in the Sultanate. The fees collected from mortgage contracts is at RO 618,633.  The total value of exchange contracts stood at RO 720.463 million while the fees collected from such contract transactions stood at RO  34,409 through 76 relevant contracts. Alara, Singapore firm sign Washihi copper offtake pact (Source: Oman Tribune)  Alara Resources, which is in a 70:30 joint venture with Al Hadeetha Investment Services, has announced the signing of an offtake agreement for supply of copper concentrate from the Washihi reserve.  The offtake agreement signed by its local subsidiary Alara Oman Operations Pvt Ltd is with Statdrome Pvt Ltd. As per the agreement, the  annual concentrate production of approximately 35,000 wet tonnes will be shipped at regular intervals from the Sohar port.  The company said the decision was taken `after considering the offtake proposals from several competing companies’. The Singapore‐ p y p y g g pp based company has experience of over 15 years in non‐ferrous concentrates trading, including copper sales in and out of the Sultanate.  The company said there also existed the possibility of supplying the material to the Omani smelter in case it restarted. But, the project  financial model allows for sea freight and other charges associated with the sale of concentrate from the port at Sohar.  The agreement also includes a pre‐payment of $6 million to assist in funding project construction costs and mine startup. This will be  drawn down in instalments during the project construction phase, starting once the mining licence was issued, the statement added. GBCM Morning Briefing 7
  8. MSM ‐ Market Watch Source: Bloomberg, GBCM Research Market Outlook – Sideways trend to prevail, NBO, Oman Cables, Al Maha Ceramics and GIC to trade ex‐dividends… During the previous trading session, the GCC equities revealed range bound trade amid dull investor participation. We saw positive closing in Oman, UAE‐DFM and Bahrain. While UAE‐ADX, Qatar and Saudi ended in red. MSM Index revealed buying activity in few of the index heavyweights which lifted the market on low volumes. volumes We expect the local and the GCC equities to reveal sideways movement for the day amidst mixed global cues and relatively weak oil prices. In Oman, we expect a busy AGM season and the stocks would adjust for dividends. NBO, Oman Cables, Al Maha Ceramics and Gulf Int. Chemicals would trade ex‐dividends today Upcoming AGMs‐ Today (27th Mar)‐ Bank Dhofar, Port Services, Ahli Bank, Shell Oman, National Gas, Muscat National, Taageer Finance Tomorrow (28th Mar)‐ Oman United Ins, OIFC, Muscat Finance, Salalah Mills GBCM Morning Briefing 8
  9. 2016  Dividends/ 2017 AGM Calendar  FY2016 Company‐ Figures in RO 000s Last Closing Par Value Market Cap  Equity   PAT  EPS  DPS Dividend  Cash  Cash  Payout (%) Dividends  Dividend Stock  Dividend Mand.  Conv.  Bonds Dividend  AGM Date Yield (%) Bank Dhofar 0.258 0.100 489994 189920 47,622 0.025 0.014 53.8% 25639 13.5% 7.5% 5.2% Salalah Port Services 0.632 0.100 113657 17984 5,726 0.032 0.020 62.8% 3597 20.0% 0.0% 3.2% 27‐Mar‐17 Port Services 0.295 0.100 28037 9504 2,716 0.029 0.055 192.4% 5227 55.0% 0.0% 18.6% 27‐Mar‐17 Ahli Bank 0.199 0.100 283582 142504 29,600 0.021 0.010 48.1% 14250 10.0% 0.0% 5.0% 27‐Mar‐17 Shell Oman 1.990 0.100 199000 10000 16,000 0.160 0.106 66.3% 10600 106.0% 0.0% 5.3% 27‐Mar‐17 National Gas 0.508 0.100 27940 5500 2,796 0.051 0.011 21.6% 605 11.0% 9.1% 2.2% 27‐Mar‐17 Muscat National Holding Muscat National Holding 1 720 1.720 1 000 1.000 8600 5000 1 339 1,339 0 268 0.268 0 100 0.100 37 3% 37.3% 500 10 0% 10.0% 100 0% 100.0% 5 8% 5.8% 27 Mar 17 27‐Mar‐17 Taageer Finance 0.125 0.100 31699 25359 4,474 0.018 0.010 53.8% 2409 9.5% 0.0% 7.6% 27‐Mar‐17 Al Madina Takaful 0.093 0.100 16275 17500 1,661 0.009 0.006 NM 1050 6.0% 0.0% 6.5% 27‐Mar‐17 Oman United Insurance 0.420 0.100 42000 10000 4,053 0.041 0.030 74.0% 3000 30.0% 0.0% 7.1% 28‐Mar‐17 Oman Chlorine 0.488 0.100 33233 6810 1,905 0.028 0.015 53.6% 1022 15.0% 0.0% 3.1% 28‐Mar‐17 United Power 3.400 1.000 6800 2000 941 0.471 0.000 0.0% 0 0.0% 0.0% 0.0% 28‐Mar‐17 Muscat Finance 0.135 0.100 36007 26672 5,138 0.019 0.010 51.9% 2667 10.0% 7.0% 7.4% 28‐Mar‐17 Salalah Mills 1.395 0.100 67187 4816 3,691 0.077 0.040 52.2% 1927 40.0% 0.0% 2.9% 28‐Mar‐17 28‐Mar‐17 27‐Mar‐17 Oman Investment & Finance 0.232 0.100 46400 20000 6,381 0.032 0.016 50.2% 3200 16.0% 0.0% 6.9% National Finance National Finance 0.156 0.100 42296 27113 6,349 0.023 0.014 59.8% 3796 14.0% 3.0% 9.0% 29‐Mar‐17 29 Mar 17 Voltamp Energy 0.556 0.100 33638 6050 3,630 0.060 0.018 30.0% 1089 18.0% 17.0% 3.2% 29‐Mar‐17 A Saffa Foods 0.656 0.100 78720 12000 4,575 0.038 0.020 52.5% 2400 20.0% 0.0% 3.0% 29‐Mar‐17 Ominvest 0.532 0.100 338240 63579 23,900 0.038 0.015 39.9% 9537 15.0% 10.0% 2.8% 29‐Mar‐17 United Finance 0.150 0.100 48945 32630 4,505 0.014 0.008 57.9% 2610 8.0% 7.0% 5.3% 29‐Mar‐17 HSBC B k O HSBC Bank Oman 0 128 0.128 0 100 0.100 256040 200031 16 900 16,900 0 008 0.008 0 005 0.005 59 2% 59.2% 10002 5 0% 5.0% 0 0% 0.0% 3 9% 3.9% 30 M 17 30‐Mar‐17 Bank Sohar 0.150 0.100 240675 160450 19,112 0.012 0.005 42.0% 8023 5.0% 10.0% 3.3% 30‐Mar‐17 Dhofar Beverage 0.260 0.100 5200 2000 133 0.007 0.005 75.4% 100 5.0% 0.0% 1.9% 30‐Mar‐17 Global Financial Inv 0.167 0.100 33400 20000 1,415 0.007 0.005 70.7% 1000 5.0% 0.0% 3.0% 30‐Mar‐17 Al Kamil Power 0.312 0.100 30030 9625 3,728 0.039 0.010 25.8% 963 10.0% 0.0% 3.2% 31‐Jul‐17 Port Services 0.295 0.100 28037 9504 2851 30.0% 0.0% 10.2% 1‐Aug‐17 0.030 Source: Bloomberg, GBCM Research, ** Div. Yield calculated on distributed Cash Dividends only GBCM Morning Briefing 9
  10. 2016  Final Dividends/ 2017 AGM Calendar  FY2016 Company‐ Figures in RO 000s Last Closing Par Value Market Cap  Equity   PAT  EPS  DPS Dividend  Cash  Cash  Payout (%) Dividends  Dividend Stock  Dividend Mand.  Conv.  Bonds Dividend  AGM Date Yield (%) Fi l Di id d Final Dividends Omantel Sembcorp Salalah Omantel SMN Power Sembcorp Salalah SMN Power SMN Power Phoenix Power Phoenix Power 1.425 0.100 1068750 75000 116,700 0.156 0.070 45.0% 52500 70.0% 0.0% 4.9% 0.245 0.100 233870 95457 14,629 0.015 0.004 23.5% 3436 3.6% 0.0% 1.5% 1.425 0.100 1068750 75000 22500 30.0% 0.0% 2.1% 0.700 0.100 139745 19964 11,752 0.059 0.016 27.2% 3194 16.0% 0.0% 2.3% 0.245 0.100 233870 95457 14,629 0.015 0.010 67.9% 9928 10.4% 0.0% 4.2% 0.700 0.100 139745 19964 3394 17.0% 0.0% 2.4% 0.143 0.100 209152 146260 18,458 0.013 0.003 25.4% 4680 3.2% 0.0% 2.2% 0.143 0.100 209152 146260 18,458 0.013 0.005 37.2% 6874 4.7% 0.0% 3.3% 0.030 0.017 Source: Bloomberg, GBCM Research, ** Div. Yield calculated on distributed Cash Dividends only GBCM Morning Briefing 10 30‐Mar‐17 2‐Apr‐17 Aug 17 Aug‐17 1‐May‐17 1‐Nov‐17 25‐Nov‐17 25 Nov 17 Jul‐17 Jan‐18
  11. UAE  News UAE federal budget data‐ 9M 2016 (Source: The National)  The rally in crude prices and a cut in government spending meant that the Federal budget surplus was Dh4.5 billion higher during 9M 2016 compared to the same period in 2015.  The surplus rose 130% year‐on‐year during the period to almost Dh8bn compared to Dh3.48bn a year earlier. Benchmark Brent crude rose 31 per cent to US$49 $ a barrel b l from f $ $37.22 b between January and d the h end d off September b 2016.  For the whole of last year the budget was set for a negligible deficit, with revenue and expenditure estimated at about Dh48.5bn each.  In the first nine months of 2016, Federal revenue was about 7% higher at Dh37.46bn compared to Dh35bn in the same period of 2015 while spending di fell f ll to t Dh29.71bn Dh29 71b from f Dh31 6b Dh31.6bn.  Revenue from fees for government services was flat year on year. Fees account for 75% of Federal government revenue. GBCM Morning Briefing 11
  12. GCC News Jabal Omar buys out Makkah Construction ’s stake for SAR 360 million (Source: Argaam)  Jabal Omar Development Co. has decided to acquire Makkah Construction and Development Co.’s remaining 35.96 million shares in the developer for SAR 359.56 million. Makkah’s stake was held on on behalf of property owners who failed to fulfill required regulatory procedures.  Jabal b l Omar’s ’ board b d off directors d h been has b authorized h d to determine d the h payment method h d later l on. Makkah kk h Construction currently l owns a share h in kind of 11 percent in Jabal Omar.  Elsewhere, Jabal Omar shareholders in their extraordinary general assembly meeting approved the renewal of a short‐term loan worth SAR 842 million with Bank Albilad for one year.  The real estate developer will also renew its contract with Albilad Capital after selling 55 residential units from its Makkah mega project for SAR 980 million to the brokerage firm last September. Saudi Electricity gets additional Murabaha finance of SAR 3 billion (Source: Argaam)  Saudi Electricity Co. (SEC) has secured an additional Murabaha finance worth SAR 3 billion, raising its total loan to SAR 8 billion, the company said.  No guarantees were provided for the additional finance, which was secured from Arab National Bank (ANB), Samba Financial Group (SAMBA), National N ti l Commercial C i l Bank B k (NCB), (NCB) and d Banque B S di Fransi Saudi F i (BSF), (BSF) under d the th modified difi d agreement. t ACWA Power to issue $1 billion bond in April (Source: Argaam)  ACWA Power International is planning a $1 billion bond issue next month, which will make it Saudi Arabia’s first private company to tap the iinternational t ti l debt d bt market, k t as per news sources quoting ti the th chairman h i off the th company.  Jefferies, Citi, CCB Singapore, Mizuho and Standard Chartered were mandated to arrange the bond.  The Chairman of ACWA maintained a bullish outlook for sustainable, low‐cost power projects in the kingdom, adding that these projects will not be funded from the state state’ss budget. budget GBCM Morning Briefing 12
  13. | Institutional Sales ‐ Hunaina Banatwala, (+968) 2235 0717 |Institutional Brokerage ‐ Talal Al Balushi, (+968) 2235 0725| | Equity Research ‐ Kanaga Sundar, Sundar (+968) 2235 0727 | Vijay Sridharan, Sridharan (+968) 2235 0728 | Disclaimer: This document has been prepared and issued by Gulf Baader Capital Markets SAOC ("the Company") on the basis of publicly available information, internally developed data and other sources believed to be reliable. While all care has been taken to ensure that the facts stated are accurate and the opinions given are reasonable, neither Gulf Baader Capital Markets SAOC nor any employee shall be in anyway responsible for the contents of this report. report The Company may have a position and may perform buying/selling for itself or its clients in any security mentioned in this report. This is not an offer to buy or sell the investments referred therein. 3/27/2017 GBCM Morning Briefing 13