Here are a few things you need to know as Saudi stocks start trading on Thursday.
1) Saudi Ports Authority (MAWANI) has announced the completion of 12 projects in the port of Dhiba on the northern Red Sea coast at a total cost of SAR 721 million.
2) SAMAC poly methyl methacrylate (PMMA) plant, which is a joint venture between Saudi Basic Industries Corp. (SABIC) and Mitsubishi Rayon Co. Ltd, will launch commercial operations in March, Mitsubishi Rayon said in a statement.
Separately, Platts Commodities Bulletin reported that SABIC’s 50 percent owned subsidiary, the Eastern Petrochemical Co. (SHARQ), may halt operations for 12 days in March for regular maintenance.
3) Savola Group’s board of directors has recommended 10 percent cash dividend, amounting to SAR 1 per share, for fiscal years 2017.
4) Al Yamamah Steel Industries Co. has inked a SAR 59.57 million agreement to supply electric towers to Saudi Services for Electro Mechanic Works Co.
5) Saudi Cement Company’s (Saudi Cement) board of directors has recommended a 17.5 percent cash dividend for H2 2017, at SAR 1.75 per share, amounting to SAR 267.75 million.
6) Jadwa REIT Saudi Fund will start trading on Saudi Stock Exchange (Tadawul) on February 11, under the code 4342.
7) Saudi Arabia is reported to be working with three global lenders – HSBC, JPMorgan, and Mitsubishi UFJ Financial Group – to refinance its existing $10 billion international syndicated loan.
8) Crude oil prices declined further on Thursday amid reports of an increase in US inventories. Brent crude was last down 0.2 percent at $65.35/bbl, while WTI crude fell 0.4 percent to $61.57/bbl.
Write to Nadeshda Zareen at nadeshda.zareen@argaamplus.com
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