Silver Point said to sell debt in Limitless after blocking deal | GulfNews.com:
"Silver Point Capital LP sold its share of a $1.2 billion (Dh4.4 billion) loan in Limitless LLC, clearing the way for a second restructuring of the Dubai-based developer’s debt, five people with knowledge of the matter said.
The US hedge fund sold half its approximately $80 million of debt to Mashreq and the remainder to Massar Investments LLC, an investment company controlled by the bank’s owners, two of the people said, asking not to be identified because the information is private.
Limitless began talks to restructure the $1.2 billion Islamic loan for a second time in 2014. Its most recent proposal includes paying creditors in three instalments in 2016, 2017 and 2018 and to raise about $650 million from selling land around Jebel Ali port and other assets. The company raised $517 million from selling half of its land bank in Saudi Arabia last year, though it had held onto the money until creditors agreed to the restructuring, people with knowledge of the matter said at the time."
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Thursday, 11 February 2016
China Said to Pitch Hong Kong Listing, Funds for Aramco IPO - Bloomberg Business
China Said to Pitch Hong Kong Listing, Funds for Aramco IPO - Bloomberg Business:
"Chinese officials pitched a dual listing for Saudi Arabian Oil Co. that would put the government-owned oil giant’s shares on both the Hong Kong and Saudi exchanges in return for anchor investments from Chinese funds, according to people familiar with the matter.
The proposal was made earlier this year and no decisions have been made, the people said, asking not to be named as the details aren’t public. The oil producer, also known as Aramco, said in January it’s considering an initial public offering of the entire business or some of its units, which could make it one of the world’s biggest public companies.
One option Aramco is considering is an IPO for part of its downstream and refining businesses, which could be valued at more than $90 billion and raise $5 billion to $10 billion, the people said. The company hasn’t mandated financial advisers and may choose Saudi Arabia as the sole listing venue, they said. A representative for Aramco declined to comment."
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"Chinese officials pitched a dual listing for Saudi Arabian Oil Co. that would put the government-owned oil giant’s shares on both the Hong Kong and Saudi exchanges in return for anchor investments from Chinese funds, according to people familiar with the matter.
The proposal was made earlier this year and no decisions have been made, the people said, asking not to be named as the details aren’t public. The oil producer, also known as Aramco, said in January it’s considering an initial public offering of the entire business or some of its units, which could make it one of the world’s biggest public companies.
One option Aramco is considering is an IPO for part of its downstream and refining businesses, which could be valued at more than $90 billion and raise $5 billion to $10 billion, the people said. The company hasn’t mandated financial advisers and may choose Saudi Arabia as the sole listing venue, they said. A representative for Aramco declined to comment."
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The Crowded Trade in Bank Stocks Among Oil-Rich Countries - Bloomberg Business
The Crowded Trade in Bank Stocks Among Oil-Rich Countries - Bloomberg Business:
"When it comes to the selloff in bank stocks, there’s plenty to blame: credit concern, earnings, negative interest rates, and souring sentiment.
Another theory: Burned by the rout in crude, oil-rich nations have been pressured to dump their shares. What do such funds, which make up about 5 percent to 10 percent of global assets, count among their biggest holdings? Financial firms."
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"When it comes to the selloff in bank stocks, there’s plenty to blame: credit concern, earnings, negative interest rates, and souring sentiment.
Another theory: Burned by the rout in crude, oil-rich nations have been pressured to dump their shares. What do such funds, which make up about 5 percent to 10 percent of global assets, count among their biggest holdings? Financial firms."
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MIDEAST STOCKS-Markets slump on weak oil, global equities; Egypt's CIB plunges | Reuters
MIDEAST STOCKS-Markets slump on weak oil, global equities; Egypt's CIB plunges | Reuters:
"Several major stock markets in the Middle East dropped over 2 percent on Thursday as protracted weakness in oil prices and the gloom in equity markets globally prompted investors to dump shares.
Egypt's main index tumbled 4.1 percent in its biggest drop since Jan. 20, bringing its losses this year to 17.0 percent.
Commercial International Bank Egypt slumped 7.1 percent to 31.25 Egyptian pounds. Egypt's largest listed lender by market value posted fourth-quarter net profit of 1.15 billion pounds ($147 million), up 11 percent, but cut its planned dividend payment, saying it wanted to boost its capital adequacy ratio."
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"Several major stock markets in the Middle East dropped over 2 percent on Thursday as protracted weakness in oil prices and the gloom in equity markets globally prompted investors to dump shares.
Egypt's main index tumbled 4.1 percent in its biggest drop since Jan. 20, bringing its losses this year to 17.0 percent.
Commercial International Bank Egypt slumped 7.1 percent to 31.25 Egyptian pounds. Egypt's largest listed lender by market value posted fourth-quarter net profit of 1.15 billion pounds ($147 million), up 11 percent, but cut its planned dividend payment, saying it wanted to boost its capital adequacy ratio."
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Rosneft rejects case for oil output cuts - FT.com
Rosneft rejects case for oil output cuts - FT.com:
"The most powerful figure in Russia’s oil industry on Wednesday signalled his steadfast opposition to combining with Opec to reverse the crude price rout through co-ordinated cuts in production.
Igor Sechin, a close ally of President Vladimir Putin and head of Rosneft, the state-controlled oil company, told an energy conference in London that the world’s top producers would not give ground as they fight to hold on to customers."
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"The most powerful figure in Russia’s oil industry on Wednesday signalled his steadfast opposition to combining with Opec to reverse the crude price rout through co-ordinated cuts in production.
Igor Sechin, a close ally of President Vladimir Putin and head of Rosneft, the state-controlled oil company, told an energy conference in London that the world’s top producers would not give ground as they fight to hold on to customers."
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MIDEAST STOCKS-Dubai down on weak earnings, Gulf soft | Agricultural Commodities | Reuters
MIDEAST STOCKS-Dubai down on weak earnings, Gulf soft | Agricultural Commodities | Reuters:
"Disappointing earnings from a few Dubai companies pulled the emirate's stock index lower in early trade on Thursday while most other Gulf stock markets slipped after oil prices reversed back near $30.
Dubai's index was down 0.5 percent, weighed down by the real estate sector. DAMAC Properties fell 3.9 percent in volatile trade; it reported a 12 percent fall in fourth-quarter net profit.
Dubai Parks and Resorts fell 2.7 percent after the amusement park builder posted a 2015 loss of 109 million dirhams ($29.7 million) compared to a 21 million dirham loss a year earlier."
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"Disappointing earnings from a few Dubai companies pulled the emirate's stock index lower in early trade on Thursday while most other Gulf stock markets slipped after oil prices reversed back near $30.
Dubai's index was down 0.5 percent, weighed down by the real estate sector. DAMAC Properties fell 3.9 percent in volatile trade; it reported a 12 percent fall in fourth-quarter net profit.
Dubai Parks and Resorts fell 2.7 percent after the amusement park builder posted a 2015 loss of 109 million dirhams ($29.7 million) compared to a 21 million dirham loss a year earlier."
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Habtoor Leighton Group stays quiet on prospects for initial public offering | The National
Habtoor Leighton Group stays quiet on prospects for initial public offering | The National:
"The UAE-based contractor Habtoor Leighton Group (HLG) owes its Australian partner A$1.2 billion (Dh3.13bn) even as it received an equity injection of A$33.5 million from shareholders last year.
HLG was meant to be “IPO-ready by 2016”, according to previous statements made by its partners. However, newly filed accounts by co-owner Cimic Group, formerly Leighton Contractors, show that HLG still has liabilities of almost A$1.2bn in receivables, letters of credit, guarantees and shareholder loans.
Cimic owns 45 per cent of HLG, and it said the carrying value of its investment increased to A$444.7m in 2015 from $383.4m."
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"The UAE-based contractor Habtoor Leighton Group (HLG) owes its Australian partner A$1.2 billion (Dh3.13bn) even as it received an equity injection of A$33.5 million from shareholders last year.
HLG was meant to be “IPO-ready by 2016”, according to previous statements made by its partners. However, newly filed accounts by co-owner Cimic Group, formerly Leighton Contractors, show that HLG still has liabilities of almost A$1.2bn in receivables, letters of credit, guarantees and shareholder loans.
Cimic owns 45 per cent of HLG, and it said the carrying value of its investment increased to A$444.7m in 2015 from $383.4m."
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China Turns a Glut of Oil Into a Flood of Diesel - Bloomberg Business
China Turns a Glut of Oil Into a Flood of Diesel - Bloomberg Business:
"Fuel producers from India to South Korea are finding that rising refined products from China are cutting the profit margins they’ve enjoyed from cheap oil to the lowest in more than a year. Worse may be coming.
China’s total net exports of oil products -- a measure that strips out imports -- will rise 31 percent this year to 25 million metric tons, China National Petroleum Corp., the country’s biggest energy company, said in its annual research report last month. That comes after diesel exports jumped almost 75 percent last year.
“If China dumps more fuel into the market, international prices will crash,” said B.K. Namdeo, director of refineries at India’s state-run Hindustan Petroleum Corp. “It will be similar to what happened to crude prices due to the oversupply. If international prices of oil products come down, then it will hurt margins of all refiners.”"
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"Fuel producers from India to South Korea are finding that rising refined products from China are cutting the profit margins they’ve enjoyed from cheap oil to the lowest in more than a year. Worse may be coming.
China’s total net exports of oil products -- a measure that strips out imports -- will rise 31 percent this year to 25 million metric tons, China National Petroleum Corp., the country’s biggest energy company, said in its annual research report last month. That comes after diesel exports jumped almost 75 percent last year.
“If China dumps more fuel into the market, international prices will crash,” said B.K. Namdeo, director of refineries at India’s state-run Hindustan Petroleum Corp. “It will be similar to what happened to crude prices due to the oversupply. If international prices of oil products come down, then it will hurt margins of all refiners.”"
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Dubai's DAMAC Properties Q4 net profit falls 12 pct | Reuters
Dubai's DAMAC Properties Q4 net profit falls 12 pct | Reuters:
"Dubai's DAMAC Properties reported a 12 percent fall in fourth-quarter net profit on Thursday, according to Reuters calculations.
The developer reported a net profit of 844 million dirhams ($229.8 million) for the three months to Dec. 31, Reuters calculated in the absence of a quarterly breakdown. This was up from 959.3 million dirhams a year earlier.
DAMAC's 2015 full-year profit was 4.51 billion dirhams, up from 3.48 billion dirhams in 2014, the company said in a statement."
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"Dubai's DAMAC Properties reported a 12 percent fall in fourth-quarter net profit on Thursday, according to Reuters calculations.
The developer reported a net profit of 844 million dirhams ($229.8 million) for the three months to Dec. 31, Reuters calculated in the absence of a quarterly breakdown. This was up from 959.3 million dirhams a year earlier.
DAMAC's 2015 full-year profit was 4.51 billion dirhams, up from 3.48 billion dirhams in 2014, the company said in a statement."
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MIDEAST STOCKS-Egypt, Saudi drop in global rout; Saudi breaks chart support | Reuters
MIDEAST STOCKS-Egypt, Saudi drop in global rout; Saudi breaks chart support | Reuters:
"Egypt's stock market fell in early trade on Thursday, erasing the previous day's gain as global bourses sagged, while Saudi Arabia's index was headed for a third straight day of losses after oil slid back near $30.
Cairo's main index fell 1.0 percent in the first 30 minutes with Egypt's largest bank by market value, Commercial International Bank, dropping 1.6 percent after it recorded fourth-quarter net profit of 1.2 billion Egyptian pounds ($192 million), up 11 percent from a year earlier.
"The strong performance at the top line was partially offset by higher operating expenses and provisioning," said a note by Cairo-based Naeem brokerage, though it upgraded the stock to "buy" from "accumulate"."
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"Egypt's stock market fell in early trade on Thursday, erasing the previous day's gain as global bourses sagged, while Saudi Arabia's index was headed for a third straight day of losses after oil slid back near $30.
Cairo's main index fell 1.0 percent in the first 30 minutes with Egypt's largest bank by market value, Commercial International Bank, dropping 1.6 percent after it recorded fourth-quarter net profit of 1.2 billion Egyptian pounds ($192 million), up 11 percent from a year earlier.
"The strong performance at the top line was partially offset by higher operating expenses and provisioning," said a note by Cairo-based Naeem brokerage, though it upgraded the stock to "buy" from "accumulate"."
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Dana Gas Seller Turns Buyer on $2 Billion Iraq Kurd Region Award - Bloomberg Business
Dana Gas Seller Turns Buyer on $2 Billion Iraq Kurd Region Award - Bloomberg Business:
"Ghassan Chehayeb, who correctly bet that United Arab Emirates-based energy explorer Dana Gas PJSC would miss debt payments in 2012, says he’s now a buyer.
Chehayeb, who helps manage about $30 million of assets at Houston-based SanctaCapital Group, correctly predicted Dana Gas would miss payments on its Islamic bonds in 2012. Now, he says the $2 billion award that Dana Gas and partners won in November from Iraq’s semi-autonomous Kurdish region, along with a settlement of a commercial case the same month, will “materially change the balance sheet.”
“Dana Gas has had a liquidity dilemma for a very long time and we think that’s about to change,” Chehayeb said in a phone interview on Tuesday from Dubai, where SanctaCapital has a research office. “We believe that they received a substantial amount of money” from a settlement with RWE AG and from the Kurdish region. He declined to say how much SanctaCapital has invested in Dana Gas bonds and stock, other than that they are “core” holdings."
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"Ghassan Chehayeb, who correctly bet that United Arab Emirates-based energy explorer Dana Gas PJSC would miss debt payments in 2012, says he’s now a buyer.
Chehayeb, who helps manage about $30 million of assets at Houston-based SanctaCapital Group, correctly predicted Dana Gas would miss payments on its Islamic bonds in 2012. Now, he says the $2 billion award that Dana Gas and partners won in November from Iraq’s semi-autonomous Kurdish region, along with a settlement of a commercial case the same month, will “materially change the balance sheet.”
“Dana Gas has had a liquidity dilemma for a very long time and we think that’s about to change,” Chehayeb said in a phone interview on Tuesday from Dubai, where SanctaCapital has a research office. “We believe that they received a substantial amount of money” from a settlement with RWE AG and from the Kurdish region. He declined to say how much SanctaCapital has invested in Dana Gas bonds and stock, other than that they are “core” holdings."
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