8 things you need to know on Tadawul today

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

1) The National Gas & Industrialization Co. (GASCO) decided on Tuesday to cancel a memorandum of understanding (MoU) with Middle East Financial Investment Co. (MEFIC Capital) due to the current unfavorable market conditions. The company also appointed Mohammed Al-Otaibi as new chairman effective March 14.

2) Alujain Corp. is looking to increase its stake in insecticides and air freshener producer Zain Industries Co. to 98.75 percent from 49.38 percent during Q1 2017, the company’s board report showed.

3) Amana Cooperative Insurance Co.’s chairman Abdulaziz bin Ebrahim Al-Khamis resigned on Feb. 20, 2017 for personal reasons, the insurer said in a statement to Tadawul on Wednesday.

4) Northern Region Cement Co. on Wednesday reappointed Sulaiman bin Salim Al-Harbi as its board chairman for the next three years beginning March 16.

5) Gulf Union Cooperative Insurance Co. (Gulf Union) has appointed the Saudi Kuwaiti Finance House (SKFH) as its financial advisor to prepare a feasibility study on the potential merger with Al Ahlia for Cooperative Insurance Co. (Al Ahlia), the company said in statement on Tadawul on Wednesday.

6) Shareholders of Alawwal Bank will vote on a dividend freeze for fiscal year 2016 at their upcoming extraordinary general meeting on March 29, the bank said on Wednesday.

7) The Saudi Arabian Monetary Authority (SAMA) raised the reverse repurchase rate on Wednesday from 75 basis points to 100 basis points with immediate effect, following the rate hike by the US Federal Reserve.

8) Oil prices extended gains on Thursday after data showed a drawdown in US stockpiles from record highs. Brent crude was last up 0.6 percent at $52.14/bbl and WTI crude rose 0.6 percent to $49.13/bbl.