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Monday, 19 June 2017

MIDEAST STOCKS-Dubai's Tabreed surges on Engie investment, MSCI hopes keeps Saudi afloat | Reuters

MIDEAST STOCKS-Dubai's Tabreed surges on Engie investment, MSCI hopes keeps Saudi afloat | Reuters:

"Most stock markets in the Gulf were marginally higher in early trade on Monday, shrugging off weak oil prices as investors focused on local corporate and market news. Shares of Dubai's National Central Cooling Co (Tabreed) surged their 15 percent daily limit to 2.12 dirhams ($0.58) after French power and gas group Engie SA agreed to buy 40 percent stake for 2.8 billion dirhams from majority owner Abu Dhabi's Mubadala. Mubadala will convert its mandatory convertible bonds into shares, with 1.086 billion shares to be transferred to Engie at approximately 2.62 dirhams each."



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