10 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) Saudi Fisheries Co.’s general assembly approved on Wednesday a 62.64 percent capital cut to SAR 200 million to offset accumulated losses. Tadawul said the fluctuation limits on Thursday for Saudi Fisheries Co. stock will be based on a share price of SAR 29.93.

2) Qassim Cement Co. reported a net profit of SAR 80.3 million for Q1-2017, a 40 percent year-on-year decline.

3) United International Transportation Co.’a shareholders approved on Wednesday 16.66 percent  capital hike to SAR 711.667 million via bonus shares. Tadawul said the fluctuation limits on Thursday for the stock will be based on a share price of SAR 24.65

4) Saudi Electricity Co. will pay SAR 0.7 per share cash dividend for FY 2016.

5) Saudi Ceramic Co. will pay SAR 1 per share cash dividend for FY 2016.

6) Saudi Cable Co. has appointed NCBC as financial advisor to advice on its proposed 65.92 percent capital cut.

7) Saudi Paper Manufacturing Co. said that the IFRS implementation will have a SAR 99.8 million negative effect on retained earnings as of Jan 1, 2016.

8) Saudi Basic Industries Corporation (SABIC) and ExxonMobil have agreed to set up a potential petrochemical joint venture (JV) project in the county of San Patricio, Texas.

9) Saudi Steel Pipe Co. (SSP) has completed the acquisition of a 30 percent stake in its joint venture, Titanium & Steel Manufacturing (TSM Arabia), from its South Korean partner TSM Tech Co.

10) Oil prices were up this morning. Brent Crude was last up 0.3 percent at $53.10 per barrel (bbl) while WTI was also up 0.3 percent at $50.58/bbl.