9 things you need to know on Tadawul today

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

1) Riyad Bank will pay 3 percent cash dividend at SAR 0.3 per share for H2 2016 on Monday April 10, 2017.

2) The board of The Mediterranean and Gulf Insurance and Reinsurance Company (Medgulf) has recommended a capital hike through SAR 400 million rights issue.

3) Saudi Public Transportation Company’s (SAPTCO) shareholders have approved a 5 percent cash dividend to be issued at SAR 0.5 per share for the fiscal year 2016.

4) Malath Cooperative Insurance and Reinsurance Co.’s license with Saudi Arabia’s Council of Cooperative Health Insurance (CCHI) has been renewed for one year, valid until March 2018. 

5) National Gas & Industrialization Co. (GASCO) has reported a SAR 16.2 million drop in retained earnings after applying International Financial Reporting Standards (IFRS) on financial statements as of January 1, 2016.

6) The Saudi Capital Market Authority has approved a request from Jadwa Investment to offer, register, and list Jadwa REIT Al-Haramain Fund units on Tadawul.

7) The Saudi Arabian Monetary Authority has ordered insurers to offer no-claim discounts on individual mandatory motor insurance for policyholders starting from April 1.

8) Meanwhile, oil prices edged up on Tuesday, supported by a weaker US dollar. Brent crude was last up 0.6 percent at $51.04/bbl and WTI rose 0.6 percent to $48.03/bbl.

9) Saudi Arabia on Monday adjusted the income tax rates for oil and hydrocarbon producers. Under the new decree, Saudi Aramco will pay an income tax rate of 50 percent versus the previous 85 percent, ahead of its initial public offering planned for next year.