10 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) Shareholders of Bank Aljazira have approved a 30 percent capital hike to SAR 5.2 billion via bonus share issue. Tadawul said the additional shares have been deposited into the investors’ portfolios and the fluctuation limits on Tuesday will be based on a share price of SAR 12.43.

2) Bank Aljazira shareholders also approved cash dividend of SAR 0.50 per share for FY16 to be distributed within 15 days. Shareholders also approved establishing a banking insurance company with a capital of SAR 500,000.

3) Eastern Province Cement Co. will pay SAR 1.5 per share cash dividend for FY16 on April 27.

4) Shareholders of Etihad Atheeb Telecommunications Co. have approved a 60 percent capital cut to SAR 630 million through share cancellation. Tadawul on Tuesday set the fluctuation limits based on a share price of SAR 9.85.

5) Weqaya Takaful Insurance and Reinsurance Co. submitted a request on April 4 to the Saudi Arabian Monetary Authority (SAMA) to increase capital by SAR 600 million to SAR 800 million through a rights issue.

6) Wataniya Insurance Co. said a total of SAR 10 million from its rights issue proceeds was added to the statutory deposit.

7) Saudi Fisheries Co. has signed a SAR 42.8 million loan facility with Saudi Industrial Development Fund (SIDF).

8) Saudi Vitrified Clay Pipes Co. (SVCP) said it will restart the kilns in its Riyadh plants from today due to a higher demand for pipes and a decrease in inventory.

9) SAMAC Poly Methyl Methacrylate Plant, which is a joint venture between Saudi Basic Industries Corp. (SABIC) and Mitsubishi Rayon Co. Ltd, is expected to be commissioned in the second quarter of 2017.

10) Oil prices eased on Tuesday from the one-month high reached in the previous session. Brent crude was last down 0.1 percent at $55.90/bbl and WTI crude fell 0.2 percent to $52.96/bbl.