9 things you need to know on Tadawul today

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

1) Middle East Paper Company (MEPCO) has renewed an Islamic credit facility with Saudi British Bank (SABB) for a total value of SAR 115 million. The amount will be used to finance working capital requirements.

2) Arabian Cement Co.’s board has recommended distributing SAR 2 per share cash dividend for H2-2016. This takes the total dividend for full year 2016 to SAR 4 per share.

3) Saudi Stock Exchange (Tadawul) said the fluctuation limits on Monday for Amana Cooperative Insurance Co. will be based on a share price of SAR 20.85. The announcement came after the insurer’s extraordinary general assembly meeting approved a capital reduction of 56.25 percent to SAR 140 million from SAR 320 million.

4) Alawwal Bank has completed procedures on Sunday to set up a fully-owned subsidiary in the Cayman Islands to handle derivatives trading and repo activities.

5) Samba Financial Group’s board has named Rania Mahmoud Nashar as chief executive officer, effective immediately, the group said in a statement Sunday.

6) Saudi Arabian Mining Company (Maaden) has signed a cooperation agreement with Saudi National Automobiles Manufacturing (SNAM) that aims to increase aluminum content in cars manufactured at SNAM’s new automobile factory in Saudi Arabia. 

7) Al Rajhi Bank is planning to raise its market share in the corporate lending segment from 7 percent currently, in light of various investment opportunities arising from Saudi Arabia’s economic diversification plan, CEO Steve Bertamini told Reuters on Thursday.

8) Red Sea Housing Services Co.’s extraordinary general meeting has approved rebranding itself and its subsidiaries as Red Sea International Co., the Saudi real estate developer said in a statement to Saudi bourse, Tadawul.

9) Oil held steady from last week as markets reopened on Monday amid reports of rising US stockpiles and compliance with OPEC’s output deal. Both Brent crude and WTI crude were up 0.3 percent each at $55.98/bbl and $53.55/bbl, respectively.