6 things to watch on Tadawul today

Here are a few things you need to know as Saudi stocks start trading on Thursday.

1) Arabian Pipes Co. announced that its board of directors recommended a capital decrease by 75% to SAR 100 million from SAR 400 million, to amortize accumulated losses.

2) Arabian Pipes Co. swung to a net loss after Zakat and tax of SAR 195 million for 2020 versus a net profit of SAR 30.2 million a year earlier.

3) The Capital Market Authority (CMA) approved Abdulmohsen Alhokair Group for Tourism and Development’s (Alhokair Group) request to reduce its capital from SAR 550 million to SAR 343 million, thus reducing the number of shares from 55 million to 34.3 million.

4) Alinma Bank plans to issue SAR denominated additional Tier 1 sukuk, with the purpose to strengthen the bank’s capital base, in accordance with the Basel III framework agreement.

5) Saudi Company for Hardware (SACO) hiked its Shariah-compliant credit facilities secured from Saudi British Bank (SABB), from SAR 330.91 million to SAR 412.95 million, to finance expansion projects.

6) Brent crude on Thursday declined 59 cents to reach $71.63 per barrel. WTI crude also decreased 57 cents to reach $69.39/bbl.