12 things to watch on Tadawul today

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

1) Al Hammadi Company for Development and Investment’s (Al Hammadi) board of directors appointed Saleh Bin Mohammad Al Hammadi as a Chairman of the board.

2) Arabian Pipes Co. shareholders approved the board’s recommendation to utilize SAR 39.4 million of statutory reserve and SAR 31.4 million of general reserve to offset accumulated losses as on Dec. 31, 2018.

3) Dar Al Arkan Real Estate Development Co.’s shareholders have approved a board recommendation to hold off on issuing a cash dividend for fiscal year 2018.

4) Musharaka REIT Fund will pay a 3.5 percent cash dividend for the first half of 2019, at SAR 0.35 per unit, amounting to SAR 30.8 million, the fund manager, Musharaka Capital, said in a bourse statement.

5) Tabuk Agricultural Development Co. (TADCO)’s shareholders have approved audited financial statements and audit report for the fiscal year 2018 during the general assembly meeting that will be held on June 20.

6) Saudi Kayan Petrochemical Co. has inked a Sharia-compliant Murabaha financing facility with National Commercial Bank (NCB) at a total value of $2 billion (SAR 7.5 billion).

7) Mobile Telecommunications Co. Saudi Arabia (Zain Saudi) said it cancelled plans to sell its towers to IHS Holding Limited due to regulatory reasons.

8) Arabian Centres Co. said Goldman Sachs Saudi Arabia has exercised the overallotment option granted by FAS Real Estate Co. for 217,678 ordinary shares of Arabian Centres at the offer price of SAR 26.00 per over-allotment share.

9) The Mediterranean and Gulf Insurance and Reinsurance Co. (MedGulf) received Saudi Binladin Group approval to renew a cooperative health insurance agreement.

10) Aljazira Mawten REIT Fund will pay a 5 percent cash dividend for the second half of 2018 and  the first half of 2019, at SAR 0.5 per unit, amounting to SAR 5.9 million.

11) National Petrochemical Co. (Petrochem) has fully redeemed SAR 1.2 billion Shariah compliant Sukuk, the company said in a bourse statement.

12) Brent crude on Monday gained 24 cents to reach $65.44/bbl, while WTI crude also increased 39 cents to reach $57.82/bbl.