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Saturday, 14 October 2017

This time, the Gulf IPO wave looks likely to make it ashore | Arab News

This time, the Gulf IPO wave looks likely to make it ashore | Arab News:

"Gulf markets are braced for a wave of initial public offerings (IPOs). I wish I’d had a dollar for every time I have read that, or indeed written it. But — maybe, just maybe — this time the prospect of a rush to market by Gulf corporates will actually come to pass. All the signals are set to green. Global equity markets are at all time highs, there is still no sign of an imminent leap in interest rates to get global bond markets soaring again, and asset valuations are at the kind of levels where owners must surely be tempted to cash in. In the Gulf, equity markets have been prevented from joining in the global shares party by concerns about the economic effect of the oil price — still the region’s most important indicator. But neither have they collapsed. Equities have actually held value more than crude since the summer of 2014."



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London court adjourns Dana Gas sukuk trial

London court adjourns Dana Gas sukuk trial:

"A London High Court judge has adjourned hearings on whether the United Arab Emirates’ Dana Gas must redeem $700 million of Islamic bonds when they mature at the end of this month, sources familiar with the matter said on Friday. High Court judge George Leggatt is expected to resume the hearings by Nov. 13, the sources said. In a complex case that is being fought in British and UAE courts, Dana is refusing to make payments on the sukuk on the grounds that changes in Islamic finance over recent years have made the bonds unlawful in the UAE."



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Saudi Aramco in stake sale talks with Chinese investor: sources

Saudi Aramco in stake sale talks with Chinese investor: sources:

"Saudi Aramco is considering the sale of a stake to a Chinese investor as plans for its highly-anticipated international public offering are pushed beyond its 2018 target, sources familiar with the matter said on Friday.

The initial public offering is expected to be the world’s largest stock sale, and is a key component of the Saudi government’s economic reform program which aims to diversify the desert kingdom away from its reliance on oil exports.

A private placement of shares in the state oil company to a Chinese investor is being evaluated as a precursor to the international IPO, according to two sources who spoke on condition of anonymity as the information was not public."



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Aramco and the Risks of a Potemkin IPO - Bloomberg Gadfly

Aramco and the Risks of a Potemkin IPO - Bloomberg Gadfly:

"I know Saudi Arabia has been cozying up to Russia recently, but a Potemkin IPO of Saudi Aramco would be taking things a bit too far.After rumors of a delay to the international stock-market debut of Saudi Arabian Oil Co. surfaced last month, more appeared on Friday afternoon.However, another path Saudi Arabia is considering is to sell a stake in Aramco privately to a handful of foreign, sovereign investors, the Financial Times first reported. This could involve straight equity or possibly a convertible bond, according to Bloomberg News, alongside a domestic listing. An international listing might follow at some point."



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