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Saturday, 22 January 2011

Saudi telco Atheeb eyes rights issue after losses - Maktoob News

Atheeb Telecom, Saudi Arabia's first partly private fixed-line phone operator, said on Saturday it will consider a rights issue after it compounded losses of more than three-quarters of its capital.

"There are several options to decrease the losses. There are proceedings that have to be made and a shareholders meeting that must be set," the firm's chairman Prince Abdul-Aziz bin Ahmed al Saud told Al Arabiya television.

Atheeb said in a bourse statement on Saturday that it will seek shareholders approval for a 600 million riyal ($160 million) rights issue after its accumulated losses exceeded three-quarters of its capital.

MARKET TALK: Saudi Shares -0.05%; Ag, Petchem Stocks Decline

Saudi's Tadawul Index turns into negative territory, falling 0.05% to 6654.29, after early gains in the first trading session of the week. The agriculture and food industries index falls 0.43%, while the petchem index drops 0.29%. Heavyweight Sabic -0.47% at SAR106.75. Banks and financial services index still up, +0.25%. Al Rajhi Bank +0.31% at SAR81.75. The lender said Wednesday fourth-quarter net profit rose 13.5% to SAR1.7 billion. In telecoms, Saudi Telecom falls 0.74%. The operator Wednesday said its fourth-quarter net profit fell 23% to SAR2.29 billion.

CityCenter issues $1.5B in notes - Bloomberg

CityCenter Holdings LLC, , which owns the massive Las Vegas casino joint venture of MGM Resorts International and Dubai World's Infinity World Development Corp., said Friday it issued $1.5 billion worth of notes to raise money to help reduce cut its outstanding debt.

CityCenter issued $900 million of its 7.625 senior secured first lien notes due in 2016 and $600 million of its 10.75 percent senior secured second lien payment-in-kind toggle notes due in 2017.

The company plans to use the proceeds, plus $77 million in equity contributions from its owners, to reduce the balance on its senior secured credit facilities to $500 million from $1.85 billion, to create an interest escrow for first lien debt, and to pay fees and expenses.