9 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) Najran Cement Co. said that the temporary shutdown of its second production line will result in fixed coats of SAR 19.4 million this year. The effect, however, could be limited by selling from inventory.

2) Alawwal Bank’s shareholders approved the board’s recommendation to freeze dividend for the fiscal year 2016 to support the bank’s financial position and future plans.

3) Tadawul said that the fluctuation limits on Thursday for Malath Cooperative Insurance and Reinsurance Co. will be based on a share price of SAR 21.80 after the company’s general assembly has approved a capital cut of 60 percent to SAR 120 million.

4) Arab National Bank (ANB) has renewed an insurance policy with a cover of SAR 4.16 million and total annual premium of SAR 179,307 with Metlife AIG ANB Cooperative Insurance Company.

5) Tabuk Cement Co. on Tuesday signed two shariah-compliant loan facility agreements with Bank Albilad, the cement producer said in a statement to Tadawul on Wednesday.

6) The Saudi British Bank (SABB) approved on Sunday a new sukuk program under which it will set up an offshore special purpose vehicle (SPV) to handle the offering of senior and/or subordinated sukuk.

7) Yanbu National Petrochemical Company (Yansab) is planning a 21-day shutdown of its ethylene glycol plant for scheduled maintenance starting April 21, 2017.

8) Riyad Bank, Saudi Arabia’s fourth-largest lender by assets, has named on Tuesday Abdulmajeed Abdullah Almobarak as chief executive officer.

9) Oil prices extended gains on Thursday after hitting a three-week high in the previous session. Brent crude was last up 0.2 percent at $52.50/bbl and WTI crude rose 0.4 percent to $49.7/bbl.