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Saturday, 2 April 2011
Saudi Stock Market close - April 2, 2011
Tabreed completes recapitalisation plan | National Central Cooling Co.
National Central Cooling Company PJSC, popularly known as Tabreed, on Friday said that it has successfully completed its recapitalisation programme by refinancing Dh2.63 billion of bank debt and securing up to Dh3.1 billion of committed long-term capital from Mubadala.
In a latest series of positive developments in terms of debt restructuring of local firms, the DFM-listed district cooling company said it will now focus on future growth and expansion plan.
“Tabreed has successfully completed its recapitalisation programme. We now have the foundations in place for future growth and look forward to benefiting from the strong demand for district cooling in the region to deliver shareholder value,” Khadem Al Qubaisi, Tabreed’s Board Chairman, said in an e-mail statement to Khaleej Times.
In a latest series of positive developments in terms of debt restructuring of local firms, the DFM-listed district cooling company said it will now focus on future growth and expansion plan.
“Tabreed has successfully completed its recapitalisation programme. We now have the foundations in place for future growth and look forward to benefiting from the strong demand for district cooling in the region to deliver shareholder value,” Khadem Al Qubaisi, Tabreed’s Board Chairman, said in an e-mail statement to Khaleej Times.
Saudi Telecom submits Syria mobile licence offer | News by Country | Reuters
State-run Saudi Telecom (7010.SE: Quote) (STC) has submitted an offer for a mobile licence in Syria, the company said on Saturday, one of the few countries in the region with low mobile penetration and promising growth chances.
STC is one of five firms to qualify for the Syria licence auction, along with Qatar Telecom (QTEL.QA: Quote), Turkcell (TCELL.IS: Quote), France Telecom (FTE.PA: Quote) and the UAE's Etisalat (ETEL.AD: Quote), although the latter two have dropped plans to bid. [ID:nLDE72T1E3]
"(STC) announces that it submitted on Wednesday, March 30, its technical and operational offer... The offers that are qualified by Syria's (telecommunication) ministry will enter the final (financial) phase of the auction on April 27," the company said in a statement on the bourse website.
STC is one of five firms to qualify for the Syria licence auction, along with Qatar Telecom (QTEL.QA: Quote), Turkcell (TCELL.IS: Quote), France Telecom (FTE.PA: Quote) and the UAE's Etisalat (ETEL.AD: Quote), although the latter two have dropped plans to bid. [ID:nLDE72T1E3]
"(STC) announces that it submitted on Wednesday, March 30, its technical and operational offer... The offers that are qualified by Syria's (telecommunication) ministry will enter the final (financial) phase of the auction on April 27," the company said in a statement on the bourse website.
Borse Dubai backs Nasdaq bid for NYSE Euronext
Borse Dubai, the largest shareholder in Nasdaq OMX, backed the exchange's unsolicited $11.3 billion bid for NYSE Euronext, its chairman said on Friday.
Effa Kazin, when asked whether the Dubai-based holding company that has an approximately 29 percent stake in Nasdaq OMX was in favour of the bid, told Reuters: "Yes we are supportive."
He declined any further comment on the offer.
Effa Kazin, when asked whether the Dubai-based holding company that has an approximately 29 percent stake in Nasdaq OMX was in favour of the bid, told Reuters: "Yes we are supportive."
He declined any further comment on the offer.
Al Mazaya sets aside $49m over Dubailand - The National
A property company that heavily invested in Dubailand has made provisions of more than Dh181 million (US$49.2m) after customers who bought homes in the development defaulted on their repayments.
Al Mazaya Holding, which lists its shares in Dubai and Kuwait, lost Dh112.5m last year. It did not provide figures for 2009.
Developers countrywide have racked up losses on soured projects this year after developments ran out of cash and customers failed to make mortgage payments.
Al Mazaya Holding, which lists its shares in Dubai and Kuwait, lost Dh112.5m last year. It did not provide figures for 2009.
Developers countrywide have racked up losses on soured projects this year after developments ran out of cash and customers failed to make mortgage payments.
Bank freed from US sanctions despite Libya's major stake - MiamiHerald.com
Although Libya's government and state oil sector are the targets of global sanctions, the U.S. Treasury Department has exempted from them a financial institution that's almost 60 percent owned by the Libyan Central Bank.
The Treasury Department on March 4 granted the Arab Banking Corporation an exemption to President Barack Obama's executive order authorizing sanctions on Libyan businesses. Last December, the Libyan central bank upped its ownership stake in that bank to 59.3 percent.
"It is business as usual at Arab Banking Corporation," the Bahrain-based bank says on its website in a bulletin published on March 6. The note states that the company is regulated in Bahrain - a U.S. ally in the Persian Gulf - and that the Kuwait Investment Authority, the overseas investment arm of the Kuwaiti government, another U.S. ally - owns a 29.6 percent stake in the bank.
The Treasury Department on March 4 granted the Arab Banking Corporation an exemption to President Barack Obama's executive order authorizing sanctions on Libyan businesses. Last December, the Libyan central bank upped its ownership stake in that bank to 59.3 percent.
"It is business as usual at Arab Banking Corporation," the Bahrain-based bank says on its website in a bulletin published on March 6. The note states that the company is regulated in Bahrain - a U.S. ally in the Persian Gulf - and that the Kuwait Investment Authority, the overseas investment arm of the Kuwaiti government, another U.S. ally - owns a 29.6 percent stake in the bank.