6 things you need to know on Tadawul today

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

1) Saudi Arabian Mining Co.’s (Maaden) general assembly approved on Sunday the board’s recommendation to freeze dividend for fiscal year 2016. In a separate statement, Maaden said that the application of IFRS will result in a SAR 2.9 billion impairment of assets, which in turn will affect retained earnings.

2) Amana Cooperative Insurance Co. has appointed Mahmoud Al Toukhi as board chairman for the current three-year term started on May 16, 2016.

3) Al-Babtain Power & Telecommunication Co.’s board of directors has agreed to set up a fully owned wind power company in Riyadh with a capital of SAR 5 million.

4) Chubb Arabia Cooperative Insurance Co.’s board of directors has appointed Abdulaziz bin Abdul Kareem El Khereiji as managing director and chief executive effective June 1, 2017, the insurer said in a statement to Tadawul on Sunday.

5) Saudi Marketing Co. (Farm Superstores) has signed a credit facilities agreement worth SAR 105 million with National Bank of Kuwait (NBK), the company said in a bourse statement on Sunday.

6) Oil prices edged lower on Monday, amid rising US rig count. Brent crude was down 0.2 percent at $53.40/bbl and WTI crude fell 0.1 percent to $50.53/bbl.