10 things you need to know on Tadawul today

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

1) The Saudi Stock Exchange (Tadawul) will keep trading hours unchanged during Ramadan, with the trading session from 10 am to 3 pm local time.

2) Saudi Arabia's Communications and Information Technology Commission (CITC) has imposed fines of SAR 15 million on Saudi Telecom Co. (STC) and Etihad Etisalat Co. (Mobily) citing various violations, the telecom regulator said in a statement on Tuesday.

3) Middle East Paper Co. has approved SAR 0.75 per share cash dividend for fiscal year 2016.

4) Ash-Sharqiyah Development Co.’s board of directors has canceled its capital cut recommendation to offset accumulated losses as losses were offset in full on implementing the International Financial Reporting Standards (IFRS).

5) Saudi Public Transportation Company (Saptco), which provides local inter-city transportation services, on Tuesday obtained a Murabha credit facility from Al Rajhi Bank for a total amount of SAR 125 million, the company said in a Tadawul statement.

6) Saudi International Petrochemical Co. (Sipchem) on Tuesday started scheduled periodic turnaround maintenance at its subsidiaries, Carbon Monoxide of International Gases Co. (IGC) and Acetic Acid of International Acetate Co. (IAC). 

7) Astra Industrial Group’s board of directors on Monday appointed Khaled Al Masri as vice chairman of the board.

8) Buruj Cooperative Insurance Co.’s shareholders approved on Monday a 5 percent cash dividend (SAR 0.5 per share) for fiscal year 2016.

9) Malath Cooperative Insurance Co. said it has hired Alinma Investment to advise on the potential merger with Allied Cooperative Insurance Group.

10) Crude oil prices edged higher on Wednesday, ahead of tomorrow’s meeting between OPEC and non-OPEC producers. Brent crude was last up 0.3 percent at $54.32/bbl and WTI crude gained 0.3 percent to reach $51.6/bbl.