7 things you need to know on Tadawul today

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

1) Saudi Arabia served subpoenas to 320 people and 159 remain detained as part of the ongoing anti-corruption investigations. At least 376 bank accounts are frozen, the Center for International Communication said in a statement. Most detainees have agreed to a settlement, it added.

2) Saudi Basic Industries Corp (SABIC) will soon open an office in Iraq, Reuters reported, citing the Kingdom’s energy minister Khalid Al-Falih.

3) Mediterranean and Gulf Insurance and Reinsurance Co. (MEDGULF) said it might not be able to comply with the required solvency margin by the Dec. 31, 2017 deadline set by Saudi Arabian Monetary Authority (SAMA).

4) Advanced Petrochemical Co.’s board of directors has recommended a 7 percent cash dividend to be issued at the rate of SAR 0.7 per share for the fourth quarter of 2017.

5) Saudi Industrial Export Co. (SIEC) has signed a one-year selling and distribution contract with Alshalan Sons Company (Shalasco) to distribute its products to Iraq, Jordan and North Africa.

6) Saudi Paper Manufacturing Co. (SPMC) has inked a memorandum of understanding (MoU) with Turkey-based IPEK Co. to exclusively manufacture and distribute IPEK’s seal packs in Saudi Arabia.

7) Oil prices declined on Wednesday, under pressure from reports of rising fuel stocks in the US. Brent crude was last down 0.4 percent at $62.6/bbl while WTI crude fell 0.5 percent to $57.36/bbl.

Write to Nadeshda Zareen at nadeshda.zareen@argaamplus.com