6 things you need to know on Tadawul today

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

1) Abdullah A. M. Al-Khodari Sons Co.’s board of directors has recommended freezing dividend for the fiscal year 2016 to support the company’s financial position.

2) Mobile Telecommunications Company Saudi Arabia (Zain Saudi) approved on Thursday extending its telecommunications services agreement with Almarai for an additional year. The deal was valued at SAR 307,000 in 2016 based on the prevailing market commercial terms.

3) Tihama Advertising and Public Relations Co.’s general assembly approved a 50 percent capital cut to SAR 75 million. Tadawul said the fluctuation limits on Sunday for Tihama will be based on a share price of SAR 44.02.

4) Saudi Telecom Company (STC), the largest telecom operator in Saudi Arabia, has been ranked the most valuable brand in the Middle East, according to UK-based consultancy Brand Finance.

5) Several U.S. insurers have filed a $4.2 billion lawsuit against 10 Saudi firms and banks, including Al Rajhi Bank, National Commercial Bank, aviation contractor Dallah Avco, the Mohamed Binladin Co, and the Muslim World League, for allegedly abetting the 9/11 attacks, Reuters reported.

6) Oil prices ended last week settling slightly higher. Global benchmark Brent crude closed 0.1 percent higher at $55.89 per barrel (bbl) while WTI was also up 0.1 percent at $53.18/bbl.