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) Index provider MSCI Inc. will decide today whether to include Saudi Arabia on its watch list for potential reclassification as an emerging market, a process that is expected to be followed by an upgrade in mid-2018, with implementation by mid-2019.

2) Yamama Cement Co. has raised its credit facilities limit with Samba Financial Group and National Commercial Bank (NCB) to SAR 3.6 billion from SAR 1 billion, which will be used in building the company’s new cement plant.

3) Bawan Co. said that construction works of United Technology Electric Co., an affiliate in Algeria, is 70 percent complete and it expects commercial production to start during Q2-2018.

4) Hail Cement Co. has appointed Prince Abdul Aziz Al Saud as board chairman effective June 19, 2017 after the former chairman, Prince Saudi Al Saud, submitted his resignation.

5) Arab National Bank (ANB) has renewed its directors and officers liability policy with Metlife AIG ANB Cooperative Insurance Co. with an annual coverage of SAR 200 million with annual premiums amounting to SAR 360,000.

6) Thob Al Aseel Co. has recommended SAR 4 per share cash dividend for the fiscal year 2015/2016.

7) Solidarity Saudi Takaful Co.’s board has accepted the resignation of its chairman, Khaled Janahi, on Monday with immediate effect.

8) Fawaz Abdulaziz Alhokair Co.’s sukuk holders have agreed on new terms for the company’s SAR 500 million worth of Islamic bond, maturing in 2019.

9) Shareholders of Arab Resort Areas Co.’s (ARAC) on Sunday approved the sale of the company’s 1.99 percent stake in Al Aqeeq Real Estate Development Co. to Taiba Holding Company for SAR 63 million.

10) Crude oil prices were mixed on Monday, with Brent crude holding near a seven-month low it hit in the previous session. The benchmark grade was last slightly up at $46.93/bbl, while WTI crude held steady at $44.20/bbl.