Paypal takes aim at Europe’s tech sector - YouTube: ""
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Monday, 29 September 2014
Russian Bear Arrives as RTS Stock Index Slides - Bloomberg
Russian Bear Arrives as RTS Stock Index Slides - Bloomberg:
"Russia’s dollar-denominated RTS Index entered a bear market as a court ruling restricting AFK Sistema from receiving dividend payments from its OAO Bashneft unit wiped a quarter off the holding’s value.
The RTS dropped 2.6 percent to 1,126.21 by the close in Moscow, the lowest since April 25 and taking its decline from a June 24 high to 21 percent. The benchmark Micex Index fell 1.8 percent to 1,408.28. Sistema, controlled by the billionaire placed under house arrest in a probe into alleged money laundering, tumbled 25 percent to 12.68 rubles. The stock has lost 65 percent since Vladimir Evtushenkov’s Sept. 16 detention.
The RTS extended its worst quarter in three years as investors drew parallels with the 2003 arrest of Mikhail Khodorkovsky, which preceded the dismantling of his Yukos oil company. The ruling is linked to a civil claim against Sistema and Sistema-Invest in connection with alleged violations during the state’s sale of Bashneft, Sistema said in an e-mailed statement today."
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"Russia’s dollar-denominated RTS Index entered a bear market as a court ruling restricting AFK Sistema from receiving dividend payments from its OAO Bashneft unit wiped a quarter off the holding’s value.
The RTS dropped 2.6 percent to 1,126.21 by the close in Moscow, the lowest since April 25 and taking its decline from a June 24 high to 21 percent. The benchmark Micex Index fell 1.8 percent to 1,408.28. Sistema, controlled by the billionaire placed under house arrest in a probe into alleged money laundering, tumbled 25 percent to 12.68 rubles. The stock has lost 65 percent since Vladimir Evtushenkov’s Sept. 16 detention.
The RTS extended its worst quarter in three years as investors drew parallels with the 2003 arrest of Mikhail Khodorkovsky, which preceded the dismantling of his Yukos oil company. The ruling is linked to a civil claim against Sistema and Sistema-Invest in connection with alleged violations during the state’s sale of Bashneft, Sistema said in an e-mailed statement today."
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Etisalat Said to Consider Sale of Stake in Tanzanian Unit - Bloomberg
Etisalat Said to Consider Sale of Stake in Tanzanian Unit - Bloomberg:
"Emirates Telecommunications Corp. (ETISALAT), the United Arab Emirates’ largest phone company by market value, is exploring a sale of Tanzanian unit Zanzibar Telecom Ltd., people with knowledge of the situation said.
Deutsche Bank AG is working with Etisalat on the sale of its 65 percent stake in Zantel, said the people, who asked not to be identified because the talks are private. Dar es Salaam-based Zantel, Tanzania’s largest Internet provider, has attracted interest from Vodacom Group Ltd. (VOD) and may also draw Millicom International Cellular SA (MIC) as a suitor, the people said.
An acquisition of Zantel would give a buyer access to spectrum in Tanzania, helping it cope with growing demand for mobile data. About 57 percent of people in Tanzania had wireless access in 2012, compared with a rate of more than 71 percent in neighboring Kenya and 131 percent in South Africa, according to data compiled by Bloomberg."
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"Emirates Telecommunications Corp. (ETISALAT), the United Arab Emirates’ largest phone company by market value, is exploring a sale of Tanzanian unit Zanzibar Telecom Ltd., people with knowledge of the situation said.
Deutsche Bank AG is working with Etisalat on the sale of its 65 percent stake in Zantel, said the people, who asked not to be identified because the talks are private. Dar es Salaam-based Zantel, Tanzania’s largest Internet provider, has attracted interest from Vodacom Group Ltd. (VOD) and may also draw Millicom International Cellular SA (MIC) as a suitor, the people said.
An acquisition of Zantel would give a buyer access to spectrum in Tanzania, helping it cope with growing demand for mobile data. About 57 percent of people in Tanzania had wireless access in 2012, compared with a rate of more than 71 percent in neighboring Kenya and 131 percent in South Africa, according to data compiled by Bloomberg."
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MIDEAST STOCKS-Egypt rebounds, profit-taking shifts to Kuwait | Reuters
MIDEAST STOCKS-Egypt rebounds, profit-taking shifts to Kuwait | Reuters:
"Egypt's stock market rebounded from a profit-taking bout on Monday after the Cairo government announced ambitious plans to develop the refining and petrochemicals sectors and awarded fresh licences to foreign energy companies.
The Cairo index rose 1.8 percent after oil minister Sherif Ismail told Reuters on Sunday that Egypt would spend $14.5 billion over the next five years to overcome an energy crisis that has led to near-daily power cuts and hit company profits.
He also said the government was considering floating stakes in some state-owned oil companies on the stock exchange."
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"Egypt's stock market rebounded from a profit-taking bout on Monday after the Cairo government announced ambitious plans to develop the refining and petrochemicals sectors and awarded fresh licences to foreign energy companies.
The Cairo index rose 1.8 percent after oil minister Sherif Ismail told Reuters on Sunday that Egypt would spend $14.5 billion over the next five years to overcome an energy crisis that has led to near-daily power cuts and hit company profits.
He also said the government was considering floating stakes in some state-owned oil companies on the stock exchange."
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Emaar Plans Hotel IPO After Dubai’s Biggest Sale Since 2007 - Bloomberg
Emaar Plans Hotel IPO After Dubai’s Biggest Sale Since 2007 - Bloomberg:
"Emaar Properties PJSC (EMAAR), Dubai’s only listed developer to survive the property crash without an annual loss, plans to sell shares in its hotel business after its malls unit became the emirate’s biggest public offering since 2007.
The company will announce the hotel sale “in the next few months,” Chairman Mohamed Alabbar said at a conference in Dubai today, less than seven hours after Emaar said it raised $1.6 billion from the share sale of its malls unit. Alabbar declined to provide more details on the IPO.
These companies “reflect the true contributing sectors of Dubai’s economy,” Tariq Qaqish, head of asset management at Dubai-based Al Mal Capital PSC, said by phone from Dubai. Because of high occupancy levels and “proximity to malls, Emaar Hotels translates to solid revenue per room,” he said.
"
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"Emaar Properties PJSC (EMAAR), Dubai’s only listed developer to survive the property crash without an annual loss, plans to sell shares in its hotel business after its malls unit became the emirate’s biggest public offering since 2007.
The company will announce the hotel sale “in the next few months,” Chairman Mohamed Alabbar said at a conference in Dubai today, less than seven hours after Emaar said it raised $1.6 billion from the share sale of its malls unit. Alabbar declined to provide more details on the IPO.
These companies “reflect the true contributing sectors of Dubai’s economy,” Tariq Qaqish, head of asset management at Dubai-based Al Mal Capital PSC, said by phone from Dubai. Because of high occupancy levels and “proximity to malls, Emaar Hotels translates to solid revenue per room,” he said.
"
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In the shadow of Iran a new UAE oil port is transforming energy sector - Telegraph
In the shadow of Iran a new UAE oil port is transforming energy sector - Telegraph:
"In response to Iran’s strategic grip over oil passing through the Strait of Hormuz, a new export route for crude from the Persian Gulf is growing on the coast of the Arabian Sea, with the potential to transform global energy markets.
Giant tankers now queue in lines stretching for miles to load oil or refuel at Fujairah – a sleepy sheikhdom in the United Arab Emirates (UAE) – after the government invested billions of dollars into building a giant oil pipeline across the rugged Hajar mountains, with the aim of ending the potential stranglehold that Iran could place on the nation’s exports of crude.
The 21-mile-wide Hormuz channel handles a third of the world’s oil-tanker traffic and connects the Persian Gulf’s sheikhdoms to the Arabian Sea. Fears that Tehran could choke off exports shipped through it have been a concern weighing on oil markets for decades."
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"In response to Iran’s strategic grip over oil passing through the Strait of Hormuz, a new export route for crude from the Persian Gulf is growing on the coast of the Arabian Sea, with the potential to transform global energy markets.
Giant tankers now queue in lines stretching for miles to load oil or refuel at Fujairah – a sleepy sheikhdom in the United Arab Emirates (UAE) – after the government invested billions of dollars into building a giant oil pipeline across the rugged Hajar mountains, with the aim of ending the potential stranglehold that Iran could place on the nation’s exports of crude.
The 21-mile-wide Hormuz channel handles a third of the world’s oil-tanker traffic and connects the Persian Gulf’s sheikhdoms to the Arabian Sea. Fears that Tehran could choke off exports shipped through it have been a concern weighing on oil markets for decades."
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Ukraine Sparks Biggest Global Distressed Debt Losses Since 2011 - Bloomberg
Ukraine Sparks Biggest Global Distressed Debt Losses Since 2011 - Bloomberg:
"Emerging-market distressed debt fell for a second month in the biggest back-to-back retreat in three years as conflict in Ukraine persisted and coal producers from Europe to China slumped.
The securities tumbled 4 percent this month through Sept. 26, after a 5 percent loss in August, according to Bank of America Merrill Lynch’s Distressed Emerging Markets Corporate Plus index. That’s set for the worst two-month performance since August-September 2011. It’s down 8.8 percent this quarter, the first drop since the three months ended June 2013.
The Ukraine crisis that erupted after Russia annexed Crimea in March is curbing eastern Europe’s growth prospects, the European Bank for Reconstruction and Development said on Sept. 18, as sanctions on Russia increased. Ukraine farm group Mriya Agro Holding Plc led losses after missing bond payments in August, while European coal miner New World Resources Plc and Winsway Enterprises Holdings Ltd. slid as prices for the fuel fell 17 percent this year."
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"Emerging-market distressed debt fell for a second month in the biggest back-to-back retreat in three years as conflict in Ukraine persisted and coal producers from Europe to China slumped.
The securities tumbled 4 percent this month through Sept. 26, after a 5 percent loss in August, according to Bank of America Merrill Lynch’s Distressed Emerging Markets Corporate Plus index. That’s set for the worst two-month performance since August-September 2011. It’s down 8.8 percent this quarter, the first drop since the three months ended June 2013.
The Ukraine crisis that erupted after Russia annexed Crimea in March is curbing eastern Europe’s growth prospects, the European Bank for Reconstruction and Development said on Sept. 18, as sanctions on Russia increased. Ukraine farm group Mriya Agro Holding Plc led losses after missing bond payments in August, while European coal miner New World Resources Plc and Winsway Enterprises Holdings Ltd. slid as prices for the fuel fell 17 percent this year."
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SG Group set for balance sheet growth in Gulf region | GulfNews.com
SG Group set for balance sheet growth in Gulf region | GulfNews.com:
"French banking behemoth Société Générale is ready to deploy more capital and resources in the Gulf region particularly in Dubai and Abu Dhabi, the bank’s Chairman and Chief Executive, Frédéric Oudéa told Gulf News in an interview.
“We are very committed to the region. The Gulf market is going to be a key component of our growth strategy. Dubai, Abu Dhabi and the rest of the GCC are very important in our plans for balance sheet expansion in this region,” said Oudéa.
Société Générale which cleaned up its balance sheet and built up strong capital buffers following the global financial crisis and European sovereign crisis said, it is ready to deploy capital in the Gulf region which has significantly higher economic growth compared to many countries across the world."
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"French banking behemoth Société Générale is ready to deploy more capital and resources in the Gulf region particularly in Dubai and Abu Dhabi, the bank’s Chairman and Chief Executive, Frédéric Oudéa told Gulf News in an interview.
“We are very committed to the region. The Gulf market is going to be a key component of our growth strategy. Dubai, Abu Dhabi and the rest of the GCC are very important in our plans for balance sheet expansion in this region,” said Oudéa.
Société Générale which cleaned up its balance sheet and built up strong capital buffers following the global financial crisis and European sovereign crisis said, it is ready to deploy capital in the Gulf region which has significantly higher economic growth compared to many countries across the world."
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Most Russian Stocks Gain Led by Energy Companies on Weak Ruble - Bloomberg
Most Russian Stocks Gain Led by Energy Companies on Weak Ruble - Bloomberg:
"Most Russian stocks climbed as the weaker ruble increased the earnings outlook for oil and gas exporters in the world’s biggest energy producer.
The Micex Index (INDEXCF) was little changed at 1,433.83 by 12:10 p.m. in Moscow as 30 of the 50 members advanced. OAO Lukoil gained 0.1 percent and OAO Novatek increased 1 percent. OAO Rosneft rose for a second day as the nation’s largest oil producer said it struck oil at a well drilled in the Kara Sea region of the Arctic Ocean. OAO Mostotrest jumped 2.1 percent after reporting better-than-expected first half earnings.
The ruble’s 17 percent retreat this year is boosting earnings prospects of exporters that earn money in dollars. Russia has discovered what may prove to be a vast pool of oil in one of the world’s most remote places with the help of Exxon Mobil Corp., America’s largest energy company."
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"Most Russian stocks climbed as the weaker ruble increased the earnings outlook for oil and gas exporters in the world’s biggest energy producer.
The Micex Index (INDEXCF) was little changed at 1,433.83 by 12:10 p.m. in Moscow as 30 of the 50 members advanced. OAO Lukoil gained 0.1 percent and OAO Novatek increased 1 percent. OAO Rosneft rose for a second day as the nation’s largest oil producer said it struck oil at a well drilled in the Kara Sea region of the Arctic Ocean. OAO Mostotrest jumped 2.1 percent after reporting better-than-expected first half earnings.
The ruble’s 17 percent retreat this year is boosting earnings prospects of exporters that earn money in dollars. Russia has discovered what may prove to be a vast pool of oil in one of the world’s most remote places with the help of Exxon Mobil Corp., America’s largest energy company."
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Emerging Stocks Drop to Four-Month Low After Hong Kong Protests - Bloomberg
Emerging Stocks Drop to Four-Month Low After Hong Kong Protests - Bloomberg:
"Emerging-market stocks headed for a four-month low as clashes between police and pro-democracy protesters dragged Hong Kong-traded Chinese shares lower. Indonesia’s rupiah led a drop for developing-nation currencies.
China Construction Bank Corp. and PetroChina Co. (857) sank at least 2 percent as the Hang Seng China Enterprises Index (HSCEI) fell to a two-month low. The rupiah sank to a seven-month low versus the dollar as an election law spurred outflows. South Korea’s won dropped the most since January. The Russian ruble weakened to a record low and Turkey’s lira decreased 0.6 percent.
The MSCI Emerging Markets Index declined 0.6 percent to 1,017.86 at 9:03 a.m. in London. The gauge has lost 3.1 percent this quarter, set for the steepest slump since June 2013. Pro-democracy protesters vowed to press ahead with demonstrations unless Hong Kong’s top official steps down, with thousands of people surrounding government offices after violent clashes paralyzed the city center. Indonesia’s outgoing parliament passed a law last week scrapping direct regional elections."
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"Emerging-market stocks headed for a four-month low as clashes between police and pro-democracy protesters dragged Hong Kong-traded Chinese shares lower. Indonesia’s rupiah led a drop for developing-nation currencies.
China Construction Bank Corp. and PetroChina Co. (857) sank at least 2 percent as the Hang Seng China Enterprises Index (HSCEI) fell to a two-month low. The rupiah sank to a seven-month low versus the dollar as an election law spurred outflows. South Korea’s won dropped the most since January. The Russian ruble weakened to a record low and Turkey’s lira decreased 0.6 percent.
The MSCI Emerging Markets Index declined 0.6 percent to 1,017.86 at 9:03 a.m. in London. The gauge has lost 3.1 percent this quarter, set for the steepest slump since June 2013. Pro-democracy protesters vowed to press ahead with demonstrations unless Hong Kong’s top official steps down, with thousands of people surrounding government offices after violent clashes paralyzed the city center. Indonesia’s outgoing parliament passed a law last week scrapping direct regional elections."
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Putin Ready to Borrow Above 9% Amid Bonds’ Worst Quarter - Bloomberg
Putin Ready to Borrow Above 9% Amid Bonds’ Worst Quarter - Bloomberg:
"After shunning bond auctions for nine weeks amid the worst quarter for ruble debt since 2011, Russia indicated it’s prepared to borrow at more than 9 percent for the first time in almost five years.
In its first auction since July 16, the Finance Ministry sold all 10 billion rubles ($262 million) of August 2023 notes on offer to a single bidder on Sept. 24 at an average yield of 9.37 percent. Current yields are “acceptable” and the finance ministry plans to fulfill this year’s bond sale plan, it said in an e-mailed response to questions on Sept. 26.
“The auction results and the ministry’s statement essentially say that it’s now prepared to pay more than 9 percent,” Roman Dzugaev, a fixed-income trader at OAO BFA Bank in St.Petersburg, said by e-mail the same day. “That means there will be more supply coming, though not necessarily with demand like we saw at this sale.”"
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"After shunning bond auctions for nine weeks amid the worst quarter for ruble debt since 2011, Russia indicated it’s prepared to borrow at more than 9 percent for the first time in almost five years.
In its first auction since July 16, the Finance Ministry sold all 10 billion rubles ($262 million) of August 2023 notes on offer to a single bidder on Sept. 24 at an average yield of 9.37 percent. Current yields are “acceptable” and the finance ministry plans to fulfill this year’s bond sale plan, it said in an e-mailed response to questions on Sept. 26.
“The auction results and the ministry’s statement essentially say that it’s now prepared to pay more than 9 percent,” Roman Dzugaev, a fixed-income trader at OAO BFA Bank in St.Petersburg, said by e-mail the same day. “That means there will be more supply coming, though not necessarily with demand like we saw at this sale.”"
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Qatar’s Doha Bank Acquires HSBC Bank Oman’s India Operations - Bloomberg
Qatar’s Doha Bank Acquires HSBC Bank Oman’s India Operations - Bloomberg:
"Doha Bank QSC agreed to acquire HSBC Bank Oman S.A.O.G’s operations in India as the Qatari lender expands in Asia to counter diminishing margins at home.
The bank’s board of directors yesterday approved the combination of HSBC Oman’s India operations with Doha Bank’s India unit, the lender said in a release today posted on the Qatar Exchange website. Financial details weren’t disclosed.
Doha Bank is seeking to boost profits from overseas operations to as much as 30 percent of net income by next year, up from 10 percent in 2013. Doha Bank’s net interest margins dropped to 3.1 percent in the second quarter, from 3.8 percent three years earlier, according to data compiled by Bloomberg."
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"Doha Bank QSC agreed to acquire HSBC Bank Oman S.A.O.G’s operations in India as the Qatari lender expands in Asia to counter diminishing margins at home.
The bank’s board of directors yesterday approved the combination of HSBC Oman’s India operations with Doha Bank’s India unit, the lender said in a release today posted on the Qatar Exchange website. Financial details weren’t disclosed.
Doha Bank is seeking to boost profits from overseas operations to as much as 30 percent of net income by next year, up from 10 percent in 2013. Doha Bank’s net interest margins dropped to 3.1 percent in the second quarter, from 3.8 percent three years earlier, according to data compiled by Bloomberg."
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Emaar Taps Stock Boom in Dubai’s Biggest IPO in Seven Years - Bloomberg
Emaar Taps Stock Boom in Dubai’s Biggest IPO in Seven Years - Bloomberg:
"Emaar Properties PJSC (EMAAR), Dubai’s only listed developer to survive the property crash without an annual loss, raised $1.6 billion by selling shares in its mall unit, the emirate’s biggest initial public offering since 2007.
Emaar Malls Group shares were priced at the top of the range, with individual and institutional investors vying for stock even at its most expensive, the company said today in an e-mailed statement. There were more than 470 orders from institutions.
“There’s definite interest in Dubai’s retail sector, hence a lot of institutional interest from outside the region,” Saleem Khokhar, head of equities at NBAD Asset Management Group, which oversees about $2.5 billion, said by phone from Abu Dhabi. “I’m very confident that secondary market trading will be very positive.”"
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"Emaar Properties PJSC (EMAAR), Dubai’s only listed developer to survive the property crash without an annual loss, raised $1.6 billion by selling shares in its mall unit, the emirate’s biggest initial public offering since 2007.
Emaar Malls Group shares were priced at the top of the range, with individual and institutional investors vying for stock even at its most expensive, the company said today in an e-mailed statement. There were more than 470 orders from institutions.
“There’s definite interest in Dubai’s retail sector, hence a lot of institutional interest from outside the region,” Saleem Khokhar, head of equities at NBAD Asset Management Group, which oversees about $2.5 billion, said by phone from Abu Dhabi. “I’m very confident that secondary market trading will be very positive.”"
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Gazprom Chief Warns of Disruptions to Europe's Supply of Russian Gas | News | The Moscow Times
Gazprom Chief Warns of Disruptions to Europe's Supply of Russian Gas | News | The Moscow Times:
"Alexei Miller, head of Russia's top natural gas producer Gazprom, has warned of possible disruptions of Russian gas flows to Europe via Ukraine next winter, due to low volumes of the fuel in Ukrainian gas storage facilities.
His comments, aired Saturday by Russian state-owned TV channel Rossia-24, a day after European Commission-brokered gas talks in Berlin, may indicate Moscow and Kiev are far from completely resolving their differences over conditions for gas supplies to Ukraine.
Miller also said Russia and Ukraine still differ over how and when payments for Russian gas should be made, despite some progress in Friday's talks."
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"Alexei Miller, head of Russia's top natural gas producer Gazprom, has warned of possible disruptions of Russian gas flows to Europe via Ukraine next winter, due to low volumes of the fuel in Ukrainian gas storage facilities.
His comments, aired Saturday by Russian state-owned TV channel Rossia-24, a day after European Commission-brokered gas talks in Berlin, may indicate Moscow and Kiev are far from completely resolving their differences over conditions for gas supplies to Ukraine.
Miller also said Russia and Ukraine still differ over how and when payments for Russian gas should be made, despite some progress in Friday's talks."
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Geneva Report warns record debt and slow growth point to crisis - FT.com
Geneva Report warns record debt and slow growth point to crisis - FT.com:
"A “poisonous combination” of record debt and slowing growth suggest the global economy could be heading for another crisis, a hard-hitting report will warn on Monday.
The 16th annual Geneva Report, commissioned by the International Centre for Monetary and Banking Studies and written by a panel of senior economists including three former senior central bankers, predicts interest rates across the world will have to stay low for a “very, very long” time to enable households, companies and governments to service their debts and avoid another crash.
The warning, before the International Monetary Fund’s annual meeting in Washington next week, comes amid growing concern that a weakening global recovery is coinciding with the possibility that the US Federal Reserve will begin to raise interest rates within a year."
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"A “poisonous combination” of record debt and slowing growth suggest the global economy could be heading for another crisis, a hard-hitting report will warn on Monday.
The 16th annual Geneva Report, commissioned by the International Centre for Monetary and Banking Studies and written by a panel of senior economists including three former senior central bankers, predicts interest rates across the world will have to stay low for a “very, very long” time to enable households, companies and governments to service their debts and avoid another crash.
The warning, before the International Monetary Fund’s annual meeting in Washington next week, comes amid growing concern that a weakening global recovery is coinciding with the possibility that the US Federal Reserve will begin to raise interest rates within a year."
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Dubai Shares Lead Arab Gulf Markets Lower Amid Mideast Conflict - Bloomberg
Dubai Shares Lead Arab Gulf Markets Lower Amid Mideast Conflict - Bloomberg:
"Dubai shares dropped a third day, leading declines in most regional markets, as some Arab nations reiterated their commitment to a conflict in Syria that shows no sign of letting up.
The Dubai Financial Market General Index (DFMGI) slid 1.3 percent at the close, and Abu Dhabi’s ADX General Index declined 1 percent. Qatar’s QE Index retreated for a sixth day, the longest streak since June, while Saudi Arabia’s Tadawul All Share Index lost 0.8 percent to 10,674.17 after the Arab world’s biggest bourse slumped 2.7 percent last week.
Stock rallies in Saudi Arabia, the United Arab Emirates and Qatar, among the best benchmarks in the world this year, are showing signs of faltering after the countries joined a U.S.- Arab coalition attacking Islamist militants in Iraq and Syria. The U.A.E. will be “active” in the coalition, Sheikh Mohammed Bin Rashid Al Maktoum, the country’s vice president, wrote in several local newspapers today."
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"Dubai shares dropped a third day, leading declines in most regional markets, as some Arab nations reiterated their commitment to a conflict in Syria that shows no sign of letting up.
The Dubai Financial Market General Index (DFMGI) slid 1.3 percent at the close, and Abu Dhabi’s ADX General Index declined 1 percent. Qatar’s QE Index retreated for a sixth day, the longest streak since June, while Saudi Arabia’s Tadawul All Share Index lost 0.8 percent to 10,674.17 after the Arab world’s biggest bourse slumped 2.7 percent last week.
Stock rallies in Saudi Arabia, the United Arab Emirates and Qatar, among the best benchmarks in the world this year, are showing signs of faltering after the countries joined a U.S.- Arab coalition attacking Islamist militants in Iraq and Syria. The U.A.E. will be “active” in the coalition, Sheikh Mohammed Bin Rashid Al Maktoum, the country’s vice president, wrote in several local newspapers today."
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Dubai Amlak's shareholders agree $572 mln convertible issue | Reuters
Dubai Amlak's shareholders agree $572 mln convertible issue | Reuters:
"Shareholders of Dubai's Amlak Finance have approved the issuance of a sharia-compliant instrument convertible into its stock worth up to 2.1 billion dirhams ($571.8 million), a statement from the mortgage provider said on Sunday.
The instrument is a key part of the company's $2.7 billion debt restructuring plan, agreed with creditors in August.
Amlak, whose shares have not traded on the Dubai Financial Market since November 2008, also agreed to convene a shareholder meeting to approval the resumption of trading, provisionally scheduled to take place in the first quarter of 2015, the statement added."
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"Shareholders of Dubai's Amlak Finance have approved the issuance of a sharia-compliant instrument convertible into its stock worth up to 2.1 billion dirhams ($571.8 million), a statement from the mortgage provider said on Sunday.
The instrument is a key part of the company's $2.7 billion debt restructuring plan, agreed with creditors in August.
Amlak, whose shares have not traded on the Dubai Financial Market since November 2008, also agreed to convene a shareholder meeting to approval the resumption of trading, provisionally scheduled to take place in the first quarter of 2015, the statement added."
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