10 things to consider as Tadawul starts trading

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

1) Saudi Telecom Co. (STC) has shelved plans to sell its mobile towers, chief executive officer Nasser Al Nasser told Argaam.

2) Samba Financial Group (SAMBA) has reported a reduction in its shareholders’ equity by SAR 2.52 billion in Q1 2018, as a result of the application of IFRS 9 standard.

3) Saudi Arabian Monetary Authority (SAMA) has approved the potential merger between Al Ahlia for Cooperative Insurance Co. (Al Ahlia) and Gulf Union Cooperative Insurance Co.

4) Saudi Cement has signed an agreement with GE Power for the upgrade of three GE 6B gas turbines at its Hofuf plant to increase power output and efficiency.

5) MSCI has removed The Mediterranean and Gulf Insurance and Reinsurance Co. (MedGulf) and Red Sea International Co. from MSCI Saudi Arabia Small Cap Index.

6) Five major shareholders cut their stakes in five Saudi-listed companies during the week ending May 10, a recent study conducted by Argaam showed.

7) Saudi Real Estate Refinance Company, owned by Public Investment Fund, has signed an agreement with National Commercial Bank to purchase a housing mortgage portfolio owned by the bank.

8) Tokyo-based SoftBank Group Corp and Saudi Arabia will launch a second Vision Fund in the “near future”, Reuters reported, citing the group’s chief executive, Masayoshi Son.

9) VOX Cinemas said it has signed an agreement with Canada's IMAX Corporation to open four more IMAX theatres in Riyadh and other prime locations across the Kingdom.

10) Crude oil prices were slightly lower on Wednesday. Brent crude was last trading down 0.2 percent at $78.31/bbl, while WTI crude fell 0.3 percent to $71.13/bbl.

Write to Nadeshda Zareen at nadeshda.zareen@argaamplus.com