10 things to consider as Tadawul starts trading

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

1) Alinma Bank said it was requested to pay additional zakat claims of SAR 1.65 billion for the years 2009-2015, after the zakat authority applied a new accounting method to banks' long-term investments.

2) Bank Aljazira said it was requested to pay additional zakat claims of SAR 462 mln for the years up to 2011, after the zakat authority applied a new accounting method to local banks' long-term investments and financing.

3) Arabian Shield Cooperative Insurance Co.’s (Arabian Shield) board of directors has recommended a 50 percent capital increase from SAR 200 million to SAR 300 million, through the issue of one bonus share for every two held.

Separately, the insurer said it has obtained the Council of Cooperative Health Insurance’s (CCHI) approval to renew its CCHI license.

4) Bupa Arabia for Cooperative Insurance Company has renewed its license with CCHI for one year, starting February 15.

Also, Gulf Union Cooperative Insurance Co. has been approved by CCHI to renew its license. United Cooperative Assurance (UCA) and Al Alamiya Cooperative Insurance have also renewed their respective CCHI lisense.

5) Alandalus Property Co. said it has settled the remaining SAR 80.2 million loan facility secured from Al Rajhi Bank. The remaining loan sum, which was due till May 4, 2023, was cut to SAR 73.08 million due to the early payment and was financed by the proceeds from selling Al Ahli REIT’s assets.

6) Al Jouf Cement has renewed its exporting license for one year as of Feb.15, 2018. Relevant financial impact will be announced in due course.

7) Swiss specialty chemical company Clariant will update investors by July on Saudi Basic Industries Corp’s (SABIC) planned acquisition of a 25 percent stake in the firm, according to CEO Hariolf Kottmann.

8) Najran Cement Co. said it expects a financial impact of SAR 11.3 million due to the production suspension at the third production line, and restart of the second line.

9) The Capital Market Authority (CMA) has approved Albilad Capital’s request to offer, register and list units of Albilad Fund of REITs Funds on the Saudi Stock Exchange (Tadawul).

10) AXA Cooperative Insurance Co. (AXA Insurance), in an update on the use of its rights issue proceeds, said it used SAR 150 million from a total of SAR 250 million in rights issue proceeds for boosting its solvency margin until December 31, 2017.

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