Here are a few things you need to know as Saudi stocks start trading on Tuesday.
1) Saudi Indian Company for Cooperative Insurance (Wafa Insurance) said its board of directors has recommended a 40.5 percent capital reduction to SAR 122 million, to restructure the company’s capital and offset accumulated losses.
2) Saudi Vitrified Clay Pipes Co.’s (SVCP) implementation of the International Financial Reporting Standards (IFRS) has resulted in a SAR 42.7 million increase in shareholders’ equity.
3) Amana Cooperative Insurance Co. (Amana Insurance) has sold 9,355 of fractional shares--at SAR 18.95 a share--totaling SAR 177,277.
4) Solidarity Saudi Takaful Co. plans to soon meet with Saudi Arabia’s Council of Cooperative Health Insurance (CCHI) to discuss the measures required for lifting the suspension of its health insurance policies.
5) Saudi Transport and Investment Company (Mubarrad) shareholders will discuss rebranding during the company’s extraordinary general meeting slated for April 3.
6) Al Rajhi Bank’s general assembly meeting on Sunday approved a proposal to pay shareholders a 15 percent cash dividend (SAR 1.5 per share) for the second half of 2016.
7) United Electronics Co.’s (eXtra) board has accepted the resignation of Hisham Alsaghyir, a non-executive board member, on March 19 and appointed Abdul Jabbar Al Abduljabbar to replace him.
8) Saudi cement producers are set to reduce production levels by 12 percent and lay off staff, AlJazeera newspaper reported, citing Jihad Al-Rashid, head of the National Committee of Cement Producers.
9) Saudi Arabia’s crude oil exports declined to 7.71 million barrels per day (mbd) in January 2017 from 8.01 mbd the previous month, according to latest figures from the Joint Organizations Data Initiative (JODI).
10) Oil prices edged higher on Tuesday boosted by indications that OPEC’s output cut deal could be extended beyond the six-month period. Brent crude was last up 0.5 percent at $51.87/bbl and WTI crude rose 0.3 percent to $48.36/bbl.
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