Saudi Aramco 2222 and PETRONAS signed an agreement on May 25 to transfer Aramco's equity stakes in Pengerang Refining Company and Pengerang Petrochemical Company, collectively known as PRefChem, to PETRONAS. The assets sit within the Pengerang Integrated Complex in Johor, Malaysia. The transaction is subject to customary closing conditions, and on completion will make PRefChem a wholly owned subsidiary of the PETRONAS Group, according to disclosures reported by Argaam. The agreement ends the 50:50 joint venture established between the two companies in 2018. Financial terms were not disclosed. Elsewhere this week, the Capital Market Authority issued one of the larger enforcement decisions of the year against board and audit committee members of Middle East Healthcare Company 4009, known as Saudi German Health, for financial statement manipulation between 2018 and 2021. The regulator also cleared a Mulkia Investment Company bonus-share capital increase and approved the public offering of the Al Rajhi Saudi Health Care Equity Fund. On the primary market, MSGA Investment Co. published its Nomu prospectus, while Tadawul's May 21 closing auction recorded SAR 5.7 billion in traded value ahead of an MSCI review session colliding with the Eid Al-Adha holiday.
CMA convicts Saudi German Health board, fines totaling ~SAR 18M
The Capital Market Authority convicted a number of board members and audit committee members of Middle East Healthcare Company 4009, trading as Saudi German Health, for violating the Capital Market Law and its implementing regulations, according to a Saudi Exchange disclosure dated May 21. The violations related to manipulation of the company's financial statements covering the period from 2018 through 2021. Fines totaled approximately SAR 18 million. Separately on the same day, Middle East Healthcare Company announced the resignation of board and audit committee members in a filing to Tadawul. The CMA disclosure did not specify any further restitution or trading restrictions tied to the ruling.
MSGA issues prospectus to float 11.1M shares on Nomu
MSGA Investment Co. issued its prospectus on May 21 to float 11.11 million shares on the Nomu-Parallel Market, according to a disclosure reported by Argaam. The offering represents 10% of the company's post-IPO capital and 11.11% of pre-IPO capital. The filing adds to a steady pipeline of Nomu listings cleared by the Capital Market Authority over recent months. Subscription window timing and pricing details will follow in subsequent disclosures. Nomu listings on the Saudi Exchange are restricted to qualified investors as defined under CMA rules.
CMA approves Mulkia bonus-share capital increase and Al Rajhi healthcare fund
The Capital Market Authority approved two separate actions on May 21. First, the regulator cleared Mulkia Investment Company's request to increase its capital through the issuance of bonus shares to shareholders, according to a Saudi Exchange disclosure. The size of the increase and the bonus-share ratio will be set per the company's subsequent EGM resolution. Second, the CMA approved the public offering of the Al Rajhi Saudi Health Care Equity Fund, with the disclosure published at 7:13 PM on May 21, per Mubasher. The fund is the latest sector-focused vehicle to obtain the regulator's approval. Both approvals were announced on the same trading day.
Tadawul closing auction trades 128M shares at SAR 5.7B
The closing auction and trade-at-last session on the Saudi Exchange recorded 25,641 transactions on nearly 128 million shares on May 21, with a traded value of approximately SAR 5.7 billion, according to Argaam. The elevated volumes preceded the MSCI periodic index review for Tadawul, which was originally scheduled to take effect at the close of the May 29 session. That date falls on a Friday and coincides with the Eid Al-Adha holiday. Index-tracking rebalancing flows typically concentrate in the closing auction on review days. Tadawul did not separately publish revised scheduling guidance in the disclosure cycle covered by this digest.
Cluster2 Airports Q1 passenger traffic up 7% YoY
Cluster2 Airports Co. reported Q1 2026 passenger traffic of nearly 5 million, a 7% year-on-year increase, according to a disclosure published via Argaam on May 24. Flights exceeded 37,000 in the quarter, up 9% YoY. The company said new routes launched during the period included Qassim-Madinah, Tabuk-Jazan, and Abha-Giza. Cluster2 Airports also inaugurated the new Al-Jouf International Airport during the quarter. The disclosure did not include quarterly revenue or net profit figures, which the company is expected to release with its full Q1 2026 financial statements.
Outlook
Shareholders of Miahona will vote on June 14 on a proposed 15% cash dividend for fiscal year 2025, per the company's May 21 disclosure to Tadawul. Red Sea International Co. 4230, ADES Holding Company 2382, and Al Rashid Industrial Co. 9580 have each called shareholders to general assembly meetings, with Al Rashid's EGM scheduled to vote on a capital increase. Subscription details for the MSGA Nomu offering are expected to follow the prospectus filing. The MSCI periodic index review effective date for Tadawul, originally set for May 29, coincides with the Eid Al-Adha holiday; market participants should monitor Tadawul notices for scheduling confirmation.