Watan executes swap deal

RIYADH: Watan Investment and Securities announced yesterday a foreign investment transaction through a swap agreement in the Tadawul securities market. The deal was conducted after Watan Investment provided the Capital Market Authority (CMA) with all necessary contracts and documents for the transaction. Watan Investment is the first independent Saudi Investment bank with no foreign partner to conduct a swap agreement in the Saudi securities market.

CMA allows swap agreements for listed companies to avail the economic benefits of having foreign investors while the ownership of the actual stock remains in the holding of the licensed company.