9 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) Najran Cement Co. said it will postpone the previously announced decision to set up a mining company as the Deputy Ministry for Mineral Resources has halted the issuance of mining licenses as of now.

2) Saudi Telecom Co. (STC) has set up a $ 500 million investment fund to invest in promising electronic and digital technology opportunities.

3) Saudi Re for Cooperative Reinsurance Co.’s board of directors has recommended a 19.6 percent capital cut to SAR 804 million to restructure the company’s capital and offset accumulated losses.

4) Etihad Atheeb Telecommunication Co. (Go) said that Batelco Group has replaced its representative at the board of directors, Khulood Alqattan, by a new member, Raed Fakhri effective from May 24, 2017.

5) SADAFCO’s shareholders approved a 40 percent cash dividend for fiscal year 2016-2017.

6) Saudi Cement Co.’s board of directors recommended on Wednesday a 22.5 percent cash dividend (SAR 2.25 per share) for the first half of 2017

7) The Securities Depository Center (Edaa) said that the bonus shares for Herfy Food Services Co. were deposited into investors’ portfolios on May 25.

8) The National Company for Glass’ (Zoujaj) general assembly approved the acquisition of extra stake in GulfGuard and Guardian Ras Al Khaimah which also involves a capital hike to SAR 329 million.

9) Oil prices climbed on Thursday on expectations that OPEC and non-OPEC producers will extend the output deal by another nine months, during their meeting today. Brent crude was last up 0.9 percent at $54.44/bbl and WTI crude gained 0.8 percent to reach $51.77/bbl.