AlSagr Insurance’s shareholders request dismissal of board vice-chairman

AlSagr Insurance’s shareholders request dismissal of board vice-chairman
(AlSagr Insurance)
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Updated 23 June 2022

AlSagr Insurance’s shareholders request dismissal of board vice-chairman

AlSagr Insurance’s shareholders request dismissal of board vice-chairman

RIYADH: AlSagr Cooperative Insurance Co.’s shareholders are seeking the dismissal of four board members, including the vice-chairman.

The Saudi-listed insurer said in a bourse filing that the request was received from multiple shareholders — with an almost 6.9 percent stake — asking for a general assembly meeting to vote on the dismissal.

The current vice-chairman is Majed Alserri, while the three board members in question are Abdullah Alserri, Abdulmohsen Jaber, and Sultan Alswaidi.

Earlier in the day, the Saudi Exchange placed a trading halt on AlSagr’s shares until it announces its financial statements for the first quarter of 2022.

 


SABB appoints new CEO to lead corporate and institutional banking

SABB appoints new CEO to lead corporate and institutional banking
Updated 10 sec ago

SABB appoints new CEO to lead corporate and institutional banking

SABB appoints new CEO to lead corporate and institutional banking

RIYADH: The Saudi British Bank has appointed Yasser Ali Al-Barrak as its new CEO for corporate and institutional banking from this month.

The appointment of Al-Barrak will take effect on July 1, the bank said in a press statement.

Al-Barrak joined SABB in 2012 and has held many leadership positions, most recently being the general manager of global corporate and institutional banking, the statement said.

“The appointment of Yasser is a testament to the success of career growth plans at SABB, which is a major player in managing our most valuable assets, our people,” said SABB Managing Director & CEO Tony Cripps.

Established in 1978, SABB is an associate of the HSBC Group and a Saudi joint-stock company. It was named Saudi’s best bank for 2022, the statement added.

The bank provides retail, corporate, investment, private, and treasury services and has a paid-up capital of SR20.5 billion ($5.46 billion).


Crypto Moves — Bitcoin slips; Voyager Digital suspends operations

Crypto Moves — Bitcoin slips; Voyager Digital suspends operations
Updated 51 min 10 sec ago

Crypto Moves — Bitcoin slips; Voyager Digital suspends operations

Crypto Moves — Bitcoin slips; Voyager Digital suspends operations

RIYADH: Bitcoin, the leading cryptocurrency worldwide, traded lower on Sunday, falling by 0.93 percent to $19,033.92 at 9 a.m. Riyadh time.

Ethereum, the second most traded cryptocurrency, was priced at $1,057.11, rising by 1.15 percent, according to data from CoinDesk.

Voyager Digital suspends withdrawals and deposits 

To preserve its platform’s value, Voyager Digital on Friday announced it had suspended withdrawals, trading, and deposits, according to Reuters. 

A default notice was issued to embattled hedge fund Three Arrows Capital just days earlier for the fund’s failure to make required payments.

According to Voyager CEO Stephen Ehrlich, the move gives the company more time to consider strategic alternatives with various interested parties while preserving its value.

The company announced that it had hired financial advisers Moelis & Co., Consello Group, and legal advisers Kirkland & Ellis LLP “to support its exploration of strategic alternatives.”

Voyager’s crypto assets are worth $685 million, compared to the more than $1.12 billion it has lent in crypto assets. The company said it lent $350 million and 15,250 bitcoins to 3AC. 

Voyager’s move comes less than a month after Celsius Network suspended withdrawals due to extreme market conditions. Customers of Celsius have not yet been able to withdraw money again.

(With inputs from Reuters)


Saudi mall operator Abdullah Al Othaim cancels IPO plans 

Saudi mall operator Abdullah Al Othaim cancels IPO plans 
Updated 03 July 2022

Saudi mall operator Abdullah Al Othaim cancels IPO plans 

Saudi mall operator Abdullah Al Othaim cancels IPO plans 

RIYADH: Saudi Arabia’s Abdullah Al-Othaim Markets Co. has canceled plans to sell shares of its mall business to the public, the company said in a bourse filing.

The group halted initial public offering plans for Abdullah Al Othaim Investment Co. due to concerns over valuation and market volatility.

Arab News earlier reported that the group had selected GIB Capital to manage an IPO of a 30-percent stake in the Kingdom’s stock market. 

Known as Al Othaim Malls, the firm specializes in the construction, management and operation of shopping malls, entertainment centers, restaurants and cinemas.

 


OPEC secretary general Mohammad Sanusi Barkindo joins Atlantic Council 

OPEC secretary general Mohammad Sanusi Barkindo joins Atlantic Council 
Updated 03 July 2022

OPEC secretary general Mohammad Sanusi Barkindo joins Atlantic Council 

OPEC secretary general Mohammad Sanusi Barkindo joins Atlantic Council 

RIYADH: Mohammad Sanusi Barkindo, secretary general for the Organization of the Petroleum Exporting Countries, will join the Atlantic Council as a distinguished fellow in the Global Energy Center.

Barkindo will take part in the Atlantic Council after the conclusion of his term at OPEC on July 31, according to a statement. 

Serving as OPEC’s secretary general for six years, Barkindo has also played a crucial role in enhancing the cooperation between OPEC and non-OPEC countries on stabilizing oil markets. 

The fellowship at the Atlantic Council comes amid an unprecedented rise in energy prices driven by geopolitical tensions, climate change impacts, and volatile markets.

“Barkindo brings a deep understanding of geopolitics in a volatile world that will further enhance the Atlantic Council’s approach to shaping solutions to global energy-security challenges,” said Frederick Kempe, president and CEO of the Atlantic Council.

The Washington-based center promotes energy security by working alongside governments, industry leaders, civil society, and public stakeholders.

Barkindo said: “I look forward to contributing to the organization’s work on a plethora of energy-related issues, at a time when the world’s eyes are focused on both short- and long-term energy market outlooks.”

 


TASI begins July in green following a dismal June: Opening bell

TASI begins July in green following a dismal June: Opening bell
Updated 03 July 2022

TASI begins July in green following a dismal June: Opening bell

TASI begins July in green following a dismal June: Opening bell

RIYADH: Saudi stocks started their first trading session of July in green, following a dismal performance in June when the market lost 11 percent.

As of Sunday’s opening bell, TASI gained 0.60 percent to reach 11,591, while the parallel market, Nomu, added 0.17 percent to 21,622, as of 10:05 a.m. Saudi time.

This was led by a 3.03 percent gain in one of the Kingdom’s biggest lenders Saudi National Bank and a 0.26 percent gain in oil giant Aramco. 

Etihad Atheeb Telecommunication Co. gained 3.37 percent to lead the gainers, while Bupa Arabia for Cooperative Insurance Co. slipped 2.51 percent to lead the fallers.

In the financial sector, the Kingdom’s largest valued bank Al Rajhi edged up 0.85 percent, while Alinma Bank climbed 0.90 percent.

Al Moammar Information Systems Co. added 2.22 percent, after being awarded SR34 million ($9 million) by Saudi Co. for Comprehensive Technical and Security Control as well as SR21.9 million by King Abdulaziz City for Science and Technology.

Abdullah Al Othaim Markets Co. edged down 0.19 percent, after reporting that it canceled the initial public offering plans for its malls unit.

Oil prices closed Friday with US West Texas Intermediate crude at $108.43 per barrel and Brent crude at $111.63 per barrel.