6 things to consider as Tadawul starts trading

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

1) Riyad Bank reported a net profit of SAR 974 million for Q4 2017, more than triple year-on-year (YoY) due to lower total operating expenses, driven by a decrease in impairment charge for credit losses.

2) Najran Cement Co. has signed an agreement with Banque Saudi Fransi (BSF) to reschedule its existing loans. The cement producer obtained BSF’s approval to reschedule its remaining SAR 50 million loan.

3) Morgan Stanley Capital Index (MSCI) has removed Saudi Investment Bank (SAIB) from MSCI Saudi Arabia Index for “leading” companies. The changes will take place at the end of this month.

4) Etihad Atheeb Telecommunications Co.’s (GO) extraordinary general assembly has approved a 25 percent capital reduction to SAR 472.5 million from SAR 630 million through the cancellation of 15.75 million shares.

Separately, Tadawul said GO's fluctuation limit after capital reduction will be based on a share price of SAR 7.73. The company’s shares will be suspended for two business days starting February 14.

5) Saudi developer Salman Abdullah Bin Saedan Real Estate Group is said to be planning its debut $1 billion sukuk issuance just before or after May this year.

6) Oil prices were mixed on Wednesday, with Brent crude last up 0.1 percent at $62.81/bbl while WTI crude was slightly lower at $59.16/bbl.

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