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) Saudi Arabia's decision to slash cement export tariffs by 50 percent is still “unfeasible”, as companies will not be able to pay these high charges and export their products, Shuail Al-Ayed, chief executive of Riyadh Cement Co., told Argaam.

2) Saudi banks’ investments in Treasury bonds increased by SAR 2.9 billion month-on-month to SAR 197.8 billion in May, data from the Saudi Arabian Monetary Authority’s showed.

3) Saudi Arabia’s Ministry of Environment, Water and Agriculture has launched the privatization of the sanitation sector through three new projects.

4) Mobile Telecommunications Company Saudi Arabia (Zain Saudi) is close to finalizing the sale of about 7,500 mobile phone towers to Lebanon’s TASC Towers, Bloomberg reported.

5) Alujain Corporation (Alujain) is expected to report higher-than-expected earnings, backed by strong financial position, abundant liquidity and more than SAR 3 billion in assets, its new chief executive officer told CNBC Arabia.

6) Saudi Automotive Services Co. (SASCO) has renewed its “Qualified Operator” certificate for managing, operating, and maintaining fuel stations and maintenance centers on regional roads for three years, ending March 28, 2020.

7) Saudi Steel Pipe Co. (SSP) has won a contract worth over SAR 245 million to supply Saudi Arabian Oil Co. (Saudi Aramco) with steel casing pipes.

8) Saudi Cable Co. (SCC) has signed a debt restructuring agreement with local banks— with the exception of BNP Paribas— to repay its SAR 796 million in accumulated debts over the next seven years.

9) Taiba Holding Co. said a land lease agreement between its 86.47 percent-owned subsidiary, Arab Resort Areas Co., and Al-Ula Municipality has been terminated. Accordingly, the company has waived both the property and the land it was built on to Al-Ula Municipality.

10) Oil prices extended gains on Wednesday, amid reports of a decline in US crude inventories by American Petroleum Institute. Brent crude was last up 1.4 percent at $48.19/bbl and WTI crude rose 1.6 percent to $45.77/bbl.

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