DEBT WATCH-

#1- Tadawul-listed Eastern Province Cement has obtained SAR 1 bn in Shariah-compliant credit facilities from Banque Saudi Fransi (BSF) to fund a new production line, it said in a disclosure to Tadawul yesterday. The planned production line will have a capacity of 10k tons per day to replace some existing production lines. It will also finance the cement producer’s working capital.

#2- The National Debt Management Center (NDMC) has closed its SAR 4.4 bn March 2024 sukuk issuance, state news agency SPA reports. The issuance included three tranches with varying maturities: SAR 203 mn maturing in 2029, SAR 3.7 bn maturing in 2034, and SAR 540 mn maturing in 2039.

M&A WATCH-

Saudi Vitrified Clay acquires cement products company: Tadawul-listed Saudi Vitrified Clay Pipe (SVCP) has completed procedures for an all-share acquisition of Saudi Land Factory forCement Products in a SAR 25 mn transaction, it said in disclosure to Tadawul yesterday. The acquisition was paid from the company’s own resources, it said.

The transaction will allow SVCP to add concrete pipes, manholes, and box culverts to its product lineup.

TOURISM-

#1- The 100-key Wellness Hotel Abha by Cloud 7 is slated to open in 2025, according to apost on LinkedIn. The retreat is operated by Kerten Hospitality.

#2- Jabal Omar obtains license to operate third tower of five-star Makkah hotel: Jabal Omar Development — one of the Kingdom’s largest listed property developers — has obtained an operating license from the Tourism Ministry for the third tower of its Jabal Omar Jumeirah hotel, it said in a disclosure to Tadawul yesterday. The third tower is home to 244 rooms and suites, meeting rooms, a business center service and others.

HEALTHCARE-

Al Modawat sets out to expand its hospital building facility to accommodate the high occupancy rates, it said in a filing toTadawul. The SAR 3.2 mn project will be self-financed and is expected to wrap up in a 10 months period.

FINANCIAL SERVICES-

Saudi Reins. has signed resins. contracts with Probitas Corporate Capital at an estimated gross written premium of SAR 135 mn, it said in a disclosure to Tadawul yesterday. It highlighted an indirect interest where its Chairman and Managing Director and CEO are BoD members at parent company Probitas Holding, it said. Its Chief Financial Officer is also a board member at Probitas Corporate Capital.

OIL & GAS-

Nomu-listed Natural Gas Distribution (NGDC) was notified by the Energy Ministry of a 4.6% hike in natural gas service tariff prices to SAR 1.2 per mn British thermal units (Btu), it said in a disclosure to Tadawul yesterday. It expects the adjustment in prices to have a “positive financial impact” on increasing the company’s net income in the coming period. It will take effect once published in the official gazette Umm Al Qura.

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