11 things you need to know on Tadawul today

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

1) Aldrees Petroleum and Transport Services Co.’s general assembly has approved a 25 percent capital hike, through the issue of one bonus share for every four shares held. The increase will take the firm’s capital from SAR 400 million to SAR 500 million. Shareholders also approved a 10 percent cash dividend to be issued at SAR 1 per share on March 22.

2) The Saudi Stock Exchange (Tadawul) said that Aldrees’ additional shares have been deposited into investors’ portfolios, and the fluctuation limits on Monday for the stock will be based on a share price of SAR 29.70.

3) Al Hammadi Company for Development and Investment said that it has completed construction work at its Al Nuzha branch in Riyadh, and will start the trial run for the hospital as of today, March 13, 2017.

4) The boards of Methanol Chemical Co. (Chemanol) and Al Hammadi recommended withholding the cash dividend for fiscal year 2016 to support the companies’ financial position and strategic plans.

5) Tadawul will suspend trading in shares of Amana Cooperative Insurance Co. for two hours from the opening of today's session, and will remove the company’s accumulated losses flag on the exchange website. Trading will resume at 11.30 am local time.

6) Saudi Basic Industries Corp.’s (SABIC) agri-nutrients unit has renewed a contract with Bangladesh Chemical Industries Corp. to supply 305,000 metric tons of urea, state-owned Saudi Press Agency (SPA) reported Sunday, citing a company statement.

7) Saudi Arabia’s Public Pension Agency (PPA) has nominated Abdulaziz bin Ahmed bin Dayel to serve on Tabuk Agricultural Development Co.’s (TADCO) board as an independent member representing the agency, TADCO said in a statement to Tadawul on Sunday.

8) Arabian Pipes Co. (APC), a manufacturer of welded steel pipes, has been awarded a SAR 135 million contract to supply oil country tubular goods (OCTG) pipes to Saudi Aramco, the company said in a bourse statement.

9) Saudi Industrial Development Co. (SIDC)  reported a SAR 1.8 million drop in shareholders’ equity after the implementation of International Financial Reporting Standards (IFRS), the company said in a statement to Tadawul on Sunday.

10) Allianz Saudi Fransi Cooperative Insurance Co has appointed Abdel Rahman bin Hamad as the new chairman of the board, after receiving approval from the Saudi Arabian Monetary Authority (SAMA).

11) Oil renewed its decline on Monday, with Brent edging closer to the $50-mark, after US rig count rose for the eighth consecutive week. The global benchmark was down 0.6 percent at $51.04/bbl and WTI crude fell 0.8 percent to $48.10/bbl.