UAE handset retailer Axiom Telecom said on Sunday it expects to debut on Nasdaq Dubai in early December with a market value of up to $1 billion after selling up to a third of its shares to institutional investors.
In what would be the first initial public offering from the United Arab Emirates in nearly two years, Axiom set the IPO share price range between $0.80 and $1.15 and told a press conference that the first day of trading would likely be on or around December 9.
When the retailer announced plans in October to list a 35 percent stake on Nasdaq Dubai, it was not yet decided what portion of the shares would be allocated to retail investors and how much would be reserved for institutional investors."
Sunday, 21 November 2010
Iraq expects $60 bln in oil revenues, Iraq Economy - Maktoob News
Iraqi officials proposed a 2011 budget based on a $73-per-barrel oil price and exports of 2.3 million barrels a day, an oil ministry spokesman said on Sunday.
The export figure includes 150,000 bpd from the semi-autonomous Kurdish region, spokesman Assim Jihad said. Exports were halted last year after a dispute between Kurdish officials and the central government and have yet to resume.
The figures were agreed by an Iraqi delegation that included Oil Minister Hussain al-Shahristani and Finance Minister Bayan Jabor, as well as central bank representatives, during a meeting with World Bank officials to discuss Iraq's budget, Jihad said.
The export figure includes 150,000 bpd from the semi-autonomous Kurdish region, spokesman Assim Jihad said. Exports were halted last year after a dispute between Kurdish officials and the central government and have yet to resume.
The figures were agreed by an Iraqi delegation that included Oil Minister Hussain al-Shahristani and Finance Minister Bayan Jabor, as well as central bank representatives, during a meeting with World Bank officials to discuss Iraq's budget, Jihad said.
Kuwait halts trading in 24 companies, Kuwait Markets - Maktoob News
The Kuwait Stock Exchange halted on Sunday trading in 24 companies that failed to submit their results for the third quarter on time.
Most of the companies were investment firms that missed the deadline of filing the Sunday before the start of trading.
The firms included The International Investor Co, Aref Investment Group, and Gulf Investment House.
Most of the companies were investment firms that missed the deadline of filing the Sunday before the start of trading.
The firms included The International Investor Co, Aref Investment Group, and Gulf Investment House.
Dubai Shares Advance, Paced by Gulf General, Arabtec; Israel's TA-25 Gains - Bloomberg
Dubai’s shares rose for the first time in four days as Gulf General Investment Co.’s profit more than doubled and on speculation earnings at Arabtec Holding PJSC will improve. Egyptian and Israeli benchmarks also advanced.
Gulf General surged 4.9 percent, the most in more than two weeks. Arabtec, the United Arab Emirates’ biggest construction company, gained the most since Nov. 9. Dubai’s DFM General Index advanced 0.9 percent to 1,702.71 at the 2 p.m. close in Dubai. The market opened for the first time since Nov. 14 after the Islamic holiday. Egypt’s stock gauge climbed 1.5 percent, while Qatar’s measure advanced 1.3 percent.
“Investors are seeing a good opportunity to buy Arabtec on speculation of an improved fourth quarter,” said Kifah Maharmeh, general manager at Al Dar Shares & Bonds Brokerage in Abu Dhabi. “The good movement on Arabtec is shifting to other stocks.”
Gulf General surged 4.9 percent, the most in more than two weeks. Arabtec, the United Arab Emirates’ biggest construction company, gained the most since Nov. 9. Dubai’s DFM General Index advanced 0.9 percent to 1,702.71 at the 2 p.m. close in Dubai. The market opened for the first time since Nov. 14 after the Islamic holiday. Egypt’s stock gauge climbed 1.5 percent, while Qatar’s measure advanced 1.3 percent.
“Investors are seeing a good opportunity to buy Arabtec on speculation of an improved fourth quarter,” said Kifah Maharmeh, general manager at Al Dar Shares & Bonds Brokerage in Abu Dhabi. “The good movement on Arabtec is shifting to other stocks.”
Kuwait Wealth Fund Said to Have Decided Not to Invest in General Motors - Bloomberg
Kuwait Investment Authority, the country’s sovereign wealth fund, decided against buying General Motors Co. shares after the sale price was raised, according to a person familiar with the matter.
GM’s owners, including the U.S. Treasury, sold shares at $33 each in an initial public offering on Nov. 17. The automaker had filed with the Securities and Exchange Commission on Nov. 3 to offer the shares for $26 to $29 each. The company raised more than $20 billion in the IPO, which reduced the U.S. government to a minority shareholder.
KIA’s Managing Director Bader al-Saad said on Nov. 6 that Kuwait would look into the IPO’s price range before deciding to buy shares in the automaker. “If something is cheap, we are interested, of course,” al-Saad said at the time.
GM’s owners, including the U.S. Treasury, sold shares at $33 each in an initial public offering on Nov. 17. The automaker had filed with the Securities and Exchange Commission on Nov. 3 to offer the shares for $26 to $29 each. The company raised more than $20 billion in the IPO, which reduced the U.S. government to a minority shareholder.
KIA’s Managing Director Bader al-Saad said on Nov. 6 that Kuwait would look into the IPO’s price range before deciding to buy shares in the automaker. “If something is cheap, we are interested, of course,” al-Saad said at the time.
Qatar Financial Centre comes into its own
The Qatar Financial Centre (QFC) has started aggressively pursuing asset management and insurance companies in its quest to rival Dubai as a hub for the region.
Shashank Srivastava, the acting chief executive of the QFC Authority, said the centre was in the 'execution phase' of a strategy to attract niche industries to set up in Doha.
'We have something different here at the QFC,' Mr Srivastava said. 'This is an onshore platform, which means you can do business within Qatar and abroad. There are no geographic limitations.'"
Shashank Srivastava, the acting chief executive of the QFC Authority, said the centre was in the 'execution phase' of a strategy to attract niche industries to set up in Doha.
'We have something different here at the QFC,' Mr Srivastava said. 'This is an onshore platform, which means you can do business within Qatar and abroad. There are no geographic limitations.'"
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