Here are a few things you need to know as Saudi stocks start trading on Thursday.
1) Crown Prince Mohammed bin Salman has asked officials to resolve a dispute with banks facing higher zakat claims, Reuters reported, citing sources familiar with the matter.
2) L'azurde Company for Jewelry swung to net profit of SAR 2.6 million in Q4 2017, compared to a loss of SAR 766,000 in the same period last year. The improvement was driven by higher operating revenues and lower operating costs.
3) Malath Cooperative Insurance Co. and Allied Cooperative Insurance Group (ACIG) have extended their initial agreement to study the feasibility of a potential merger for six months starting from March 7, 2018.
4) Southern Province Cement Co.’s board of directors has recommended a five percent cash dividend for H2 2017 (SAR 0.5 per share), making up a total payout of SAR 70 million.
5) Arab National Bank has renewed its marine cargo open cover policy with MetLife AIG ANB Cooperative Insurance Company for one year, effective March 8.
6) Trade Union Cooperative Insurance Co.’s board of directors recommended withholding cash dividend for the fiscal year 2017.
7) Saudi Company for Hardware (SACO) will start paying cash dividend for the second half of 2017 on March 21, 2018.
8) Saudi Aramco has tendered two offshore projects as part of its long-term agreement program, MEED reported. Contractors are invited to bid for an engineering, procurement and construction (EPC) contract for 10 oil and gas jackets, located across Marjan, Safaniya, and Abu Safah fields.
9) Ministry of Commerce & Investment (MCI) and the Capital Market Authority (CMA) have formed a joint team to monitor liquidation of firms with losses exceeding 50 percent of capital, Al-Eqtisadiah newspaper reported.
10) Crude oil prices were mainly higher on Thursday, with Brent crude last up 0.2 percent at $64.46/bbl while WTI crude rose 0.2 percent to $61.29/bbl.
Write to Nadeshda Zareen at nadeshda.zareen@argaamplus.com
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