9 things you need to know on Tadawul today

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

1) Saudi Arabia’s cabinet on Monday approved the appointment of government representatives to Saudi Basic Industries Corp.’s (SABIC) board--including the chairman and the vice chairman--through the general assembly as per the companies’ law.

2) Mouwasat Medical Services Co.’s shareholders have approved a 25 percent cash dividend to be issued at SAR 2.5 per share for fiscal year 2016. The company’s board on Monday approved amendments to Mouwasat’s Dammam hospital expansion plan. The project is now set to cost SAR 231 million, instead of SAR 134 million.

3) Amana Cooperative Insurance Co. has received the Council of Cooperative Health Insurance’s approval to issue healthcare insurance policies.

4) Mobile Telecommunication Co. Saudi Arabia (Zain Saudi) is still in talks over the sale of its transmitter towers, but aims to complete commercial negotiations and obtain regulatory approval by year-end, CEO Peter Kaliaropoulos told Argaam.

5) Aldrees Petroleum & Transport Services Co. reported a net profit of SAR 14.6 million for the first quarter 2017, a 47.5 percent year-on-year (YoY) drop on lower sales in the transport sector and the closing down of some gas stations for renovations.

6) Eastern Province Cement Co. received on Monday a renewal of its limestone concession for its plant in Jubail, near Al-Khurasaniyah for 30 years starting from Jan. 9, 2015, the company said in a statement to Tadawul.

7) Samba Financial Group has amended the payment date of dividends for H2 2016 to May 16, 2017, following the Saudi Stock Exchange’s (Tadawul) switch to a T+2 settlement cycle for listed securities.

8) Al Rajhi Company for Cooperative Insurance (Al Rajhi Takaful) has obtained approval from the Saudi Arabian Monetary Authority (SAMA), the central bank and insurance market regulator, to launch and market a new insurance product.

9) Crude oil prices edged up this morning. Brent crude was last up 0.5 percent at $51.84/bbl and WTI crude rose 0.5 percent to $49.46/bbl.