Latest from Argaam
Argaam
2 days ago
- Business
- Argaam
Tharwah cancels 200,000 share buyback plan, recommends 10% capital hike
Altharwah Albashariyyah Co.'s (Tharwah) board of directors decided to cancel a previous recommendation to buy back 200,000 shares, or 4.25% of the company's capital, to retain as treasury shares, according to a Tadawul statement. The decision was due to circumstances related to the recommendation and as part of the company's commitment to comply with the applicable regulatory requirements. In a separate statement, the company said the board recommended increasing capital by 10% from SAR 23.53 million to SAR 25.88 million. The capital increase will be financed from the issue premium balance of SAR 37.44 million, as per 2024 financial statements.
Argaam
2 days ago
- Business
- Argaam
Multi Business inks fire network implementation contract with Riyadh Holding
Multi Business Group Co. signed a fire network implementation project contract for the general site of the Scrap Metal City with Riyadh Holding Co., at a value exceeding 5% of the company's total revenues for 2024. In a statement to Tadawul, the company said that the contract includes construction, architectural and fit-out work, as well as electrical and mechanical engineering work. The contract was signed on July 14 and will be valid for 10 months; however, the contract's date is June 24, and the necessary signatures were completed, and a copy of the contract was received at the end of the working day on Sunday July 13, the statement added. This deal is expected to have a positive financial impact on the company's financial results for H2 2025 and H1 2026. According to data available on Argaam, Multi Business announced in June the award of a project with Riyadh Holding for fire protection works in Scrap Metal City. The company's 2024 revenue reached about SAR 135.05 million, with 5% equating to approximately SAR 6.75 million.
Argaam
2 days ago
- Business
- Argaam
Advanced announces start-up of propylene, PP plants in Jubail
Advanced Petrochemical Co. completed the construction and started operations at Propane Dehydrogenation plant (Propylene Plant), which has a designed production capacity of 843,000 tons of propylene per year. The petrochemicals producer also started operations at two Polypropylene (PP) Plants, with a combined designed capacity of 800,000 tons annually, according to a statement to Tadawul. The plants, operated through Advanced Polyolefins Industry Co. (Advanced Polyolefins), are located in Jubail Industrial City. Advanced noted that the financial impact of Advanced Polyolefins will be shown in its consolidated financial statements starting from the third quarter of 2025. Advanced Polyolefins is a joint venture, with 85% owned by Advanced Global Investment Co. (AGIC) and 15% by SK Gas Petrochemical Pte. Ltd. (SKGP). According to data compiled by Argaam, Advanced Polyolefins secured financing from several banks in 2022 totaling SAR 6.1 billion to establish a complex in Jubail Industrial City. The complex includes three plants for processing propane gas, propylene, and isopropanol, with a total project cost estimated at approximately SAR 7.05 billion.
Argaam
2 days ago
- Business
- Argaam
ACWA Power inks PPAs for 7 solar, wind power projects
ACWA Power Co. signed power purchase agreements (PPAs) with the Saudi Power Procurement Co. (Principal Buyer) for two large-scale wind power plants in Saudi Arabia. The agreements entail Starah (STR) plant with a production capacity of 2,000MW, and Shaqra (SHQ) plant with a production capacity of 1,000MW. Both projects are located in the Kingdom's central region. The deals were signed by Starah First Renewable Energy Co. and Shaqra First Renewable Energy Co., ACWA Power said in a statement to Tadawul. The project companies are jointly owned by ACWA Power (35.1%), Water and Electricity Holding Co. (Badeel) (34.9%), and Saudi Aramco Power Co. (30%).
Argaam
2 days ago
- Business
- Argaam
Bitcoin tops $120,000 mark for first time in history
Bitcoin recorded a new all-time high on July 13, crossing the $120,000 mark for the first time ever, in a sign of growing investor confidence and increasing capital inflows into the world's largest cryptocurrency. The rally comes amid mounting expectations of long-awaited political gains for the digital asset industry this week. The US House of Representatives is set to begin discussions today, July 14, on a series of bills aimed at establishing a regulatory framework for the digital asset space, a key demand by companies and investors operating in the sector. The move has resonated with President Donald Trump, who has described himself as the 'crypto president,' urging policymakers to modernize regulations in favor of the industry. Bitcoin surged 29% year-to-date, sparking a broader rally across other digital assets in recent weeks, despite market uncertainty stemming from Trump's newly imposed tariffs, which caused some disruption. Ether, the second-largest cryptocurrency globally, also climbed to its highest level in over five months, reaching $3,048.23 earlier today before easing slightly to $3,036.24 in recent trade.
