BRASILIA: Boeing will have a 51 percent stake in a joint company currently being negotiated with Brazilian aircraft maker Embraer, O Globo newspaper columnist Lauro Jardim reported on Sunday.
Boeing has agreed to a Brazilian government demand that the US company have no more than a 51 percent controlling share, Jardim said, without citing sources.
Embraer said it would not comment on the matter. Boeing did not respond to a request for comment.
Boeing has sought Brazilian government approval of the partnership with Embraer that would create a new company focused on commercial aviation, excluding Embraer’s defense unit, Reuters reported three weeks ago.
The Valor Economico newspaper later reported that Boeing’s proposal would give it an 80 percent to 90 percent stake in a new commercial jet business with Embraer.
Embraer is the world’s third largest planemaker and the leader in the 70-seat to 130-seat regional jet market.
With the proposed tie-up Boeing would be the market leader in the smaller passenger jet market, creating stiffer competition for the CSeries aircraft program designed by Canada’s Bombardier Inc. and backed by European rival Airbus SE.
Boeing’s initial plan to buy Embraer was rejected by the Brazilian government because it did not want a foreign company to control its defense unit for strategic security reasons.
The government maintains a so-called golden share in Embraer, a former state enterprise, that gives it veto power over strategic decisions, including Boeing’s push for a tie-up.
On Thursday Brazilian Defense Minister Raul Jungmann told reporters that Boeing had understood Brazil’s refusal to give up control of Embraer. He said negotiations on the creation of a third company were advancing well.
Boeing to have 51% stake in venture with Embraer, Brazilian newspaper says
Boeing to have 51% stake in venture with Embraer, Brazilian newspaper says
Closing Bell: Saudi main index extends gains as market opens wider to foreign investment
RIYADH: Saudi Arabia’s Tadawul All Share Index rose on Monday, gaining 153.61 points, or 1.38 percent, to close at 11,321.09.
The total trading turnover of the benchmark index was SR5.85 billion ($1.56 billion), as 207 of the listed stocks advanced, while 55 retreated.
The MSCI Tadawul Index increased, up 21.20 points or 1.41 percent, to close at 1,524.18.
The Kingdom’s parallel market Nomu gained 278.13 points, or 1.17 percent, to close at 24,013.03. This comes as 43 of the listed stocks advanced, while 29 retreated.
The best-performing stock was Saudi Pharmaceutical Industries and Medical Appliances Corp., with its share price surging by 7.26 percent to SR28.94.
Other top performers included Rasan Information Technology Co., which saw its share price rise by 6.51 percent to SR144, and Knowledge Economic City, which saw a 6.25 percent increase to SR13.09.
On the downside, the worst performer of the day was Najran Cement Co., whose share price fell by 2.11 percent to SR6.49.
Almasane Alkobra Mining Co. and Saudi Cable Co. also saw declines, with their shares dropping by 2 percent and 1.88 percent to SR103.10 and SR166.80, respectively.
On the announcement front, Riyad Bank has announced its annual financial results for 2025, with the total income from special commission of financing reaching SR24.1 billion, while net income from special commission of financing amounted to SR12 billion.
In a statement on Tadawul, the bank said: “Net income increased by 11.7 percent mainly due to an increase in total operating income and a decrease in total operating expenses.”
The bank further noted that the rise in total operating income was primarily driven by increased revenue from fees and commissions, trading activities, special commissions, gains on non-trading investments, and other operating sources. This growth was partially tempered by declines in exchange and dividend income.
“Net provision of expected credit losses and other losses decreased by 15.8 percent due to a decrease in impairment charge of credit losses and impairment charge for other financial assets, partially offset by an increase in impairment charge for investments,” it added.
RIBL’s share price closed at SR18.18 on the main market, marking a 1.43 percent increase.
