10 things to consider as Tadawul starts trading

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

1) The Saudi British Bank (SABB), the Kingdom’s sixth-largest lender in terms of assets, reported higher net income from special commissions at SAR 1.32 billion in Q1 2018, compared to SAR 1.25 billion in Q1 2017, as interest rates improved.

2) Savola Group, Saudi Arabia’s largest food retailer, shut down six Pandati minimarkets in Q1 2018, cutting the company’s Pandati-branded minimarkets to 132 versus 181 in Q1 2017.

3) Saudi Arabia's economy is poised for growth in 2018, and over the medium term, as the Kingdom’s ambitious reform program takes hold, the International Monetary Fund (IMF) said in a statement.

4) Saudi Arabia’s Capital Market Authority approved Saudi Paper Manufacturing Company's request to decrease its capital to SAR 245 million from SAR 450 million.

5) Sadara Chemical Company (Sadara) signed a supply agreement with Harcros-ARA for its upcoming chemical facility in PlasChem Park in Jubail Industrial City II.

6) The Saudi Stock Exchange said that in the event a company’s EGM approves a capital hike during Ramadan and the details are communicated at a late hour, trading of the firm’s shares will be suspended in the session following the EGM to reflect the capital increase.

7) Saudi Arabia’s Wafi program, the online platform launched by the housing ministry, licensed Dar Al-Arkan Real Estate Development Co. to market off-plan properties in Shams Al-Riyadh projects. Separately, the developer repaid 2018 series 1 mtn sukuk worth SAR 1.7 billion, due on May 24.

8) Dallah Healthcare Co.’s extraordinary general assembly approved a 25 percent cash dividend for the fiscal year 2017, at SAR 2.5 per share, amounting to SAR 147.5 million.

9) Saudi Automotive Services Co.’s (SASCO) general assembly approved an 11.11percent capital hike to SAR 600 million from SAR 540 million through the issue of one bonus share for every nine shares held.

10) Saudi Electricity Co. (SEC) has more than SAR 100 million worth of new projects in Makkah, which helped providing the best electricity services during Umrah season and the holy month of Ramadan.