9 things to consider as Tadawul starts trading

18/03/2018 Argaam
by Nadeshda Zareen

 

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

 

1) SICO Investment Bank expects Saudi banks to face additional zakat of SAR 5.7 billion for the period under review, on top of the SAR 11.8 billion recommended previously by the Saudi General Authority of Zakat and Tax (GAZT), it said in a report.

 

2) The Capital Market Authority has approved BATIC Investment and Logistics Co.’s request to increase capital by 25 percent to SAR 300 million, from SAR 240 million.

 

3) Arabian Shield Cooperative Insurance Co.'s request to increase its capital by 25 percent to SAR 300 million has been approved by the Capital Market Authority (CMA).

 

4) Yanbu Cement Co.’s board of directors has recommended a 12.5 percent cash dividend for the second half of 2017, at SAR 1.25 per share, amounting to SAR 196.88 million.

 

5) Bupa Arabia for Cooperative Insurance (Bupa Arabia) said Bupa Investment Overseas Limited plans to buy a further five percent stake in Bupa Arabia from Nazer Group at SAR 100 a share, totaling SAR 400 million.

 

6) Saudi Chemical Co. reported a net profit of SAR 142 million for fiscal year 2017, a rise of 6 percent year-on-year (YoY) driven by higher pharmaceutical sales. In Q4 2017, the company’s net profit jumped 83 percent YoY to SAR 30.4 million.

 

7) Arab National Bank has renewed its cars insurance policy with Metlife AIG ANB Cooperative Insurance Co. for one year, the bank said in a statement to Tadawul.

 

8) Kingdom Holding Co. has resumed discussions with local and international banks to raise about $1 billion in loans to buy a stake in Banque Saudi Fransi (BSF), Bloomberg reported.

 

9) Crude oil prices jumped on Friday, with Brent crude rising 1.7 percent to close at $66.21/bbl. WTI crude gained 1.9 percent to reach $62.34/bbl.

 

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

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