9 things to consider as Tadawul starts trading

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

1) Derayah REIT’s geographical diversification of assets will likely reduce overall risk and improve returns on the portfolio, Derayah Financial Corporation CEO Mohammed Al Shammasi told Argaam.

2) Saudi Basic Industries Corp. (SABIC) has started commercial operations at its polyacetal plant in Ibn Sina complex. The related financial impact is expected on Q1 2018 figures.

3) Saudi Paper Manufacturing Co. (SPM) received on Jan. 2 Saudi Industrial Development Fund’s (SIDF) approval on restructuring an industrial debt amounting to SAR 37 million for the period from April 20, 2019 to March 7, 2023.

4) The extraordinary general assembly of Obeikan Glass Company, in which Saudi Advanced Industries Co.’s (SAIC) owns a 40 percent stake, has approved cutting the company’s capital to SAR 200 million from SAR 300 million.

5) Saudi Re for Cooperative Insurance Company (Saudi Re) general assembly has approved a 19 percent capital reduction to SAR 810 million from SAR 1 billion, in order to restructure capital, offset accumulated losses, and support future growth.

6) Jadwa REIT Al Haramain said it will pay a 2.6 percent cash dividend for the second half of 2017, at SAR 0.26 per unit, amounting to SAR 17.16 million.

7) Batic Investment and Logistics Co. (BATIC) has extended the memorandum of understanding (MoU) signed with Abdulkadir Al Muhaidib and Sons and Himmah Group to May 31, 2018, in order to finalize the related documents.

8) Saudi-based Al Rajhi Building Solutions Group's Mabani Steel unit has been awarded the contract to supply steel structure solutions for the Avenue Mall project in Saudi Arabia.

9) Crude oil prices were mixed on Wednesday, with Brent crude last trading down 0.1 percent at $66.54/bbl, while WTI crude was slightly higher at $60.38/bbl.

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