Here are a few things you need to know as Saudi stocks start trading on Monday.
1) Saudi Basic Industries Corp (SABIC) has started commercial operations at its synthetic rubber ethylene-propylene-diene-monomer unit, as well as the thermoplastic specialty polymers and halobutyl rubber units at full capacity at Al-Jubail Petrochemical Company joint venture plant.
2) Najran Cement Co.’s chief executive Badr Jawhar urged the Saudi authorities to exempt cement from export tariffs altogether, adding that the Kingdom’s recent decision to cut the tariffs was “a step in the right direction.”
3) Alujain Corporation’s (Alujain) board of directors has appointed Abdullah Al-Anzi as chief executive officer, effective July 9.
4) Yanbu Cement will pay a 7.5 percent cash dividend for the first half of 2017, at SAR 0.75 per share, amounting to a total of SAR 118.12 million, on Aug. 29, 2017.
5) United Electronics Co. (eXtra) board has decided to distribute cash dividend of SAR 0.75 per share (total of SAR 31.5 million) for the first half of 2017.
6) Banque Saudi Fransi’s board of directors has recommended distribution of cash dividends, amounting to SAR 1.3 billion (SAR 1.05 per share) for the first half of 2017.
7) Saudi Automotive Services Company (SASCO) started operations on Sunday at its new SASCO Plus station on Dammam’s King Fahad Airport Road.
8) The deficit for the second quarter of this year’s budget is expected to be lower than expected at the beginning of the year, and in line with the ministry’s estimates, Finance Minister Mohammed Al-Jadaan said.
9) Saudi banks have reported liquidity coverage ratios above 100 percent, which is the Basel III required coverage percentage by 2018, the Saudi Arabian Monetary Authority said.
10) Oil prices edged up on Monday, recovering slightly from the 3 percent decline in the previous session. Brent crude was last up 0.8 percent at $47.08/bbl and WTI crude rose 0.8 percent to $44.57/bbl.
Write to Nadeshda Zareen at nadeshda.zareen@argaamplus.com
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