Company That Airlifted Cows to Break Saudi-led Boycott Plans IPO - Bloomberg:
Two years after flying cows to Qatar to overcome a trade boycott against the desert state, Baladna Food Industries seeks to raise about 1.4 billion Qatari riyals ($382 million) in an initial public offering.
The subscription period will last from Oct. 27 to Nov. 7, with the first day of trading on Dec. 11, the food and beverage business said Thursday in a statement. The listing will allow Qataris to participate in the company’s growth, board member Ramez Al-Khayyat said at a news conference in the capital Doha.
Baladna’s founders will retain 25% of the shares. Strategic investors including the General Retirement and Social Insurance Authority and local food companies have committed to buying 23%, while the Qatari public will have access to the remaining 52%, according to the statement.
Thursday 17 October 2019
#Saudi Aramco Delays Planned IPO Launch - Bloomberg
Saudi Aramco Delays Planned IPO Launch - Bloomberg:
Saudi Aramco has postponed the launch of the world’s largest initial public offering by at least a few weeks, according to people briefed on the situation. Bloomberg's Pratish Narayanan has more on "Bloomberg Markets: The Close." (Source: Bloomberg)
Saudi Aramco has postponed the launch of the world’s largest initial public offering by at least a few weeks, according to people briefed on the situation. Bloomberg's Pratish Narayanan has more on "Bloomberg Markets: The Close." (Source: Bloomberg)
Ex-Credit Suisse Banker Hid $45 Million, Names Four Others - Bloomberg
Ex-Credit Suisse Banker Hid $45 Million, Names Four Others - Bloomberg:
A former Credit Suisse Group AG banker told a federal jury in New York that he alone pocketed at least $45 million in a massive kickback scheme and named other ex-employees of the bank he says made millions of their own.
Testifying on Wednesday, Andrew Pearse recited the illicit payments he took for his role in arranging $2 billion in loans to companies in Mozambique. Pearse, who pleaded guilty to conspiracy, told the court that at least four former Credit Suisse bankers besides himself took millions of dollars in bribes from ship builder Privinvest Group, including two he hadn’t named before.
“They all played a role in ensuring the bank made the loans,” Pearse, 49, said in court in Brooklyn. “They provided the bank with false information about Privinvest.”
Pearse is a key witness against Jean Boustani, a Privinvest salesman described by prosecutors as the “mastermind” of a plot to defraud U.S. investors. The U.S. alleges that Mozambican government officials, corporate executives and investment bankers stole about $200 million.
A former Credit Suisse Group AG banker told a federal jury in New York that he alone pocketed at least $45 million in a massive kickback scheme and named other ex-employees of the bank he says made millions of their own.
Testifying on Wednesday, Andrew Pearse recited the illicit payments he took for his role in arranging $2 billion in loans to companies in Mozambique. Pearse, who pleaded guilty to conspiracy, told the court that at least four former Credit Suisse bankers besides himself took millions of dollars in bribes from ship builder Privinvest Group, including two he hadn’t named before.
“They all played a role in ensuring the bank made the loans,” Pearse, 49, said in court in Brooklyn. “They provided the bank with false information about Privinvest.”
Pearse is a key witness against Jean Boustani, a Privinvest salesman described by prosecutors as the “mastermind” of a plot to defraud U.S. investors. The U.S. alleges that Mozambican government officials, corporate executives and investment bankers stole about $200 million.
Aramco’s IPO Comes as #Saudi Markets Head for Even Rougher Waters - Bloomberg
Aramco’s IPO Comes as Saudi Markets Head for Even Rougher Waters - Bloomberg:
Anyone buying into Saudi Aramco’s initial public offering in anticipation of a quick rebound in the country’s stock market may be in for a disappointment.
Crown Prince Mohammed bin Salman’s desire to get a $2 trillion valuation for the energy giant comes as analysts slash their earnings-per-share estimates for Saudi companies for the coming 12 months. They have cut them by 13% this year, according to data compiled by Bloomberg.
The Tadawul All Share Index entered a bear market on Tuesday, having fallen 20% from a four-year peak in May. It pared losses in the following two days, but is still down 14% since the end of June, the worst performance globally after Argentina.
Anyone buying into Saudi Aramco’s initial public offering in anticipation of a quick rebound in the country’s stock market may be in for a disappointment.
Crown Prince Mohammed bin Salman’s desire to get a $2 trillion valuation for the energy giant comes as analysts slash their earnings-per-share estimates for Saudi companies for the coming 12 months. They have cut them by 13% this year, according to data compiled by Bloomberg.
The Tadawul All Share Index entered a bear market on Tuesday, having fallen 20% from a four-year peak in May. It pared losses in the following two days, but is still down 14% since the end of June, the worst performance globally after Argentina.
A sham #Qatar deal could have cost ex Barclays exec $64 million, court hears - Reuters
A sham Qatar deal could have cost ex Barclays exec $64 million, court hears - Reuters:
A former top Barclays (BARC.L) executive, on trial in London on fraud charges, would have risked a 50 million pound ($64 million) “good leaver” package if he had sought a criminal deal with Qatar during the credit crisis, a court heard on Thursday.
It would have been “lunacy” for Roger Jenkins, one of three men charged with fraud over undisclosed payments to Qatar during emergency fundraisings in 2008, to risk such accrued benefits and a job that had paid him 38 million pounds in 2007 alone, his lawyer told a jury at the Old Bailey criminal court.
The high-profile Serious Fraud Office (SFO) case revolves around how Barclays — one of the few major British banks to survive the credit crisis without direct government aid — raised more than 11 billion pounds ($14 billion) from Qatar and other investors to avert a state bailout as markets roiled.
A former top Barclays (BARC.L) executive, on trial in London on fraud charges, would have risked a 50 million pound ($64 million) “good leaver” package if he had sought a criminal deal with Qatar during the credit crisis, a court heard on Thursday.
It would have been “lunacy” for Roger Jenkins, one of three men charged with fraud over undisclosed payments to Qatar during emergency fundraisings in 2008, to risk such accrued benefits and a job that had paid him 38 million pounds in 2007 alone, his lawyer told a jury at the Old Bailey criminal court.
The high-profile Serious Fraud Office (SFO) case revolves around how Barclays — one of the few major British banks to survive the credit crisis without direct government aid — raised more than 11 billion pounds ($14 billion) from Qatar and other investors to avert a state bailout as markets roiled.
#SaudiArabia plans bumper Aramco IPO, relying on easy loans and rich locals - Reuters
Saudi Arabia plans bumper Aramco IPO, relying on easy loans and rich locals - Reuters:
Saudi Arabia is setting the stage for a blockbuster listing of state oil giant Saudi Aramco in Riyadh, relying on easy credit for retail investors and pushing rich locals to invest with cash held abroad to achieve a $2 trillion valuation target.
The world’s largest oil firm could announce plans next week to float a 1%-2% stake on the kingdom’s Tadawul market before a possible international listing, launching an initiative that is central to Crown Prince Mohammed bin Salman’s economic diversification drive.
If the state raises more than $25 billion, it would be the world’s biggest initial public offering (IPO), topping Alibaba’s 2014 debut.
To capitalize on local interest, Aramco can take advantage of new market rules that allow issuers the flexibility to sell more shares to retail investors, likely exceeding the usual 10% seen in recent IPOs, two banking and one legal source said.
Saudi Arabia is setting the stage for a blockbuster listing of state oil giant Saudi Aramco in Riyadh, relying on easy credit for retail investors and pushing rich locals to invest with cash held abroad to achieve a $2 trillion valuation target.
The world’s largest oil firm could announce plans next week to float a 1%-2% stake on the kingdom’s Tadawul market before a possible international listing, launching an initiative that is central to Crown Prince Mohammed bin Salman’s economic diversification drive.
If the state raises more than $25 billion, it would be the world’s biggest initial public offering (IPO), topping Alibaba’s 2014 debut.
To capitalize on local interest, Aramco can take advantage of new market rules that allow issuers the flexibility to sell more shares to retail investors, likely exceeding the usual 10% seen in recent IPOs, two banking and one legal source said.
Oil rises, supported by U.S. fuel stock draws but weighed by crude build - Reuters
Oil rises, supported by U.S. fuel stock draws but weighed by crude build - Reuters:
Oil prices rose about 1% on Thursday after draws in U.S. fuel inventories, but gains were capped by a larger-than-expected rise in crude stockpiles and a series of weak economic figures.
Global benchmark Brent crude LCOc1 rose 49 cents, or 0.8%, to settle at $59.91 a barrel. U.S. WTI crude CLc1 gained 57 cents, or 1.1%, to settle at $53.93 a barrel.
U.S. gasoline stocks USOILG=ECI fell by 2.6 million barrels in the week to Oct. 11, while distillate stockpiles USOILD=ECI, which include diesel and heating oil, fell by 3.8 million barrels, the U.S. Energy Information Administration said on Thursday.
But a soaring rise in crude inventories offset the draws. Crude stocks rose by 9.3 million barrels, far surpassing estimates for a build of 2.8 million barrels.
Oil prices rose about 1% on Thursday after draws in U.S. fuel inventories, but gains were capped by a larger-than-expected rise in crude stockpiles and a series of weak economic figures.
Global benchmark Brent crude LCOc1 rose 49 cents, or 0.8%, to settle at $59.91 a barrel. U.S. WTI crude CLc1 gained 57 cents, or 1.1%, to settle at $53.93 a barrel.
U.S. gasoline stocks USOILG=ECI fell by 2.6 million barrels in the week to Oct. 11, while distillate stockpiles USOILD=ECI, which include diesel and heating oil, fell by 3.8 million barrels, the U.S. Energy Information Administration said on Thursday.
But a soaring rise in crude inventories offset the draws. Crude stocks rose by 9.3 million barrels, far surpassing estimates for a build of 2.8 million barrels.
MIDEAST STOCKS- #Saudi shares end higher as banks jump; #Dubai falls over 1% - Reuters
MIDEAST STOCKS-Saudi shares end higher as banks jump; Dubai falls over 1% - Reuters:
Saudi Arabian shares closed higher for a
second straight session on Thursday as banks rallied, while
Dubai was dragged down by its top lender Emirates NBD.
Saudi's benchmark index rose 1.6%, with Al Rajhi
Bank and Banque Saudi Fransi advancing 3.1%.
and 6.6%, respectively.
The world's fourth-biggest petrochemical firm, Saudi Basic
Industries, soared 4% after its joint-venture with
China's SINOPEC kicked off its ethylene expansion project on
Oct. 14.
In Dubai, the index fell 1.6%. Emirates NBD
saw its worst session in nearly eight months and
closed down 3.8%.
Saudi Arabian shares closed higher for a
second straight session on Thursday as banks rallied, while
Dubai was dragged down by its top lender Emirates NBD.
Saudi's benchmark index rose 1.6%, with Al Rajhi
Bank and Banque Saudi Fransi advancing 3.1%.
and 6.6%, respectively.
The world's fourth-biggest petrochemical firm, Saudi Basic
Industries, soared 4% after its joint-venture with
China's SINOPEC kicked off its ethylene expansion project on
Oct. 14.
In Dubai, the index fell 1.6%. Emirates NBD
saw its worst session in nearly eight months and
closed down 3.8%.
#Iran suffering ‘severe distress’ from US sanctions, says IMF | Financial Times
Iran suffering ‘severe distress’ from US sanctions, says IMF | Financial Times:
The severe strain that US sanctions have placed on Iran was spelt out by the IMF this week when it forecast that the economy would contract by 9.5 per cent this year, although the government of Hassan Rouhani insists that the worst is over.
The IMF said that Iran had seen “a dramatic worsening of macroeconomic conditions” in the past two years and had experienced “severe distress”.
“This is a rare [episode of] low economic growth in Iran’s contemporary history,” said one Iranian economist. “We didn’t have this in much of the war with Iraq [in the 1980s] and before that perhaps only when Iran was occupied by the Anglo-Soviet forces in the second world war.”
The severe strain that US sanctions have placed on Iran was spelt out by the IMF this week when it forecast that the economy would contract by 9.5 per cent this year, although the government of Hassan Rouhani insists that the worst is over.
The IMF said that Iran had seen “a dramatic worsening of macroeconomic conditions” in the past two years and had experienced “severe distress”.
“This is a rare [episode of] low economic growth in Iran’s contemporary history,” said one Iranian economist. “We didn’t have this in much of the war with Iraq [in the 1980s] and before that perhaps only when Iran was occupied by the Anglo-Soviet forces in the second world war.”
Banks warned over #Saudi Aramco by environmental groups | Business | The Guardian
Banks warned over Saudi Aramco by environmental groups | Business | The Guardian:
Environmental groups have warned the banks linked to Saudi Aramco’s planned market float that they risk financing the destruction of the planet by supporting the public listing of the world’s biggest oil producer.
The eight green groups, including Oil Change International and Friends of the Earth, warned that the world’s largest IPO would be “the biggest single infusion of capital into the fossil fuel industry” since global governments signed the Paris climate accord in 2015.
In a letter to the banks’ chief executives, including the bosses of HSBC and Goldman Sachs, the green groups warned that the listing would undermine efforts to cut carbon emissions in line with the Paris Agreement.
Environmental groups have warned the banks linked to Saudi Aramco’s planned market float that they risk financing the destruction of the planet by supporting the public listing of the world’s biggest oil producer.
The eight green groups, including Oil Change International and Friends of the Earth, warned that the world’s largest IPO would be “the biggest single infusion of capital into the fossil fuel industry” since global governments signed the Paris climate accord in 2015.
In a letter to the banks’ chief executives, including the bosses of HSBC and Goldman Sachs, the green groups warned that the listing would undermine efforts to cut carbon emissions in line with the Paris Agreement.
Mideast Stocks: Most Gulf markets track weakness in global peers | ZAWYA MENA Edition
Mideast Stocks: Most Gulf markets track weakness in global peers | ZAWYA MENA Edition:
Major Gulf stock markets fell on Thursday, in line with global equities, as weak U.S. retail sales stoked fears about the health of the world's biggest economy.
Global markets fell after data showed U.S. retail sales contracted in September for the first time in seven months, a potential sign that manufacturing-led weakness could be spreading to the broader economy.
The Dubai index declined 1.4%, with the largest lender Emirates NBD sliding 3.8%.
The bank's board approved a capital increase via a rights issue of up to 6.45 billion dirhams ($1.76 billion), lower than 7.35-billion dirhams that the general assembly had decided in February this year.
Major Gulf stock markets fell on Thursday, in line with global equities, as weak U.S. retail sales stoked fears about the health of the world's biggest economy.
Global markets fell after data showed U.S. retail sales contracted in September for the first time in seven months, a potential sign that manufacturing-led weakness could be spreading to the broader economy.
The Dubai index declined 1.4%, with the largest lender Emirates NBD sliding 3.8%.
The bank's board approved a capital increase via a rights issue of up to 6.45 billion dirhams ($1.76 billion), lower than 7.35-billion dirhams that the general assembly had decided in February this year.
Middle East M&A and IPO activity to remain attractive despite global economic uncertainty | ZAWYA MENA Edition
Middle East M&A and IPO activity to remain attractive despite global economic uncertainty | ZAWYA MENA Edition:
Global deal-making will continue the downward trajectory in 2020 amid worldwide economic uncertainty but the Middle East and North America will remain relative bright spots, a new report showed.
Merger and Acquisition (M&A) value worldwide is projected to drop to $2.1 trillion in 2020, a decline of 25 percent compared to $2.8 trillion in 2019, according to the Global Transactions Forecast report by Baker McKenzie in association with Oxford Economics. The report forecasts Initial Public Offering (IPO) proceeds to decline by approximately 23.7 percent to $116 billion in 2020 from $152 billion in 2019.
“Make no mistake — deals are getting done, but the current slowdown is inevitable considering the continuing uncertainty around trade and regulation,” said Ai Ai Wong, Chair of Baker McKenzie’s Global Transactional Group. “We know that around the world, there are many investors and companies with capital on the sidelines, waiting to move forward with domestic and cross-border deals.”
Global deal-making will continue the downward trajectory in 2020 amid worldwide economic uncertainty but the Middle East and North America will remain relative bright spots, a new report showed.
Merger and Acquisition (M&A) value worldwide is projected to drop to $2.1 trillion in 2020, a decline of 25 percent compared to $2.8 trillion in 2019, according to the Global Transactions Forecast report by Baker McKenzie in association with Oxford Economics. The report forecasts Initial Public Offering (IPO) proceeds to decline by approximately 23.7 percent to $116 billion in 2020 from $152 billion in 2019.
“Make no mistake — deals are getting done, but the current slowdown is inevitable considering the continuing uncertainty around trade and regulation,” said Ai Ai Wong, Chair of Baker McKenzie’s Global Transactional Group. “We know that around the world, there are many investors and companies with capital on the sidelines, waiting to move forward with domestic and cross-border deals.”
Oil prices fall on signs of large U.S. stock build - Reuters
Oil prices fall on signs of large U.S. stock build - Reuters:
Oil prices fell on Thursday after industry data showed a larger-than-expected build-up in the U.S. inventories, but losses were limited after China said it hoped to reach a phased trade agreement with the United States as early as possible.
Global benchmark Brent crude oil LCOc1 was down by 39 cents at $59.03 a barrel by 0837 GMT. U.S. WTI crude oil CLc1 was down 43 cents at $52.93.
U.S. crude inventories soared by 10.5 million barrels to 432.5 million barrels in the week to Oct. 11, the American Petroleum Institute’s weekly report showed ahead of official government stocks data due on Thursday.
Oil prices fell on Thursday after industry data showed a larger-than-expected build-up in the U.S. inventories, but losses were limited after China said it hoped to reach a phased trade agreement with the United States as early as possible.
Global benchmark Brent crude oil LCOc1 was down by 39 cents at $59.03 a barrel by 0837 GMT. U.S. WTI crude oil CLc1 was down 43 cents at $52.93.
U.S. crude inventories soared by 10.5 million barrels to 432.5 million barrels in the week to Oct. 11, the American Petroleum Institute’s weekly report showed ahead of official government stocks data due on Thursday.
Big U.S. liquefied natgas players move fast, the small race to keep up - Reuters
Big U.S. liquefied natgas players move fast, the small race to keep up - Reuters:
A gap is emerging in the U.S. liquefied natural gas (LNG) industry as big players such as Exxon Mobil Corp (XOM.N) and Cheniere Energy Inc (LNG.A) race ahead to build export terminals without new long-term contracts, while smaller developers struggle to find financing for their first plants.
LNG trade has traditionally been underpinned by long-term purchasing deals which finance multi-billion dollar terminals that liquefy natural gas by chilling it to -260 degrees Fahrenheit (-160 Celsius), load it onto ships, and regasify it when delivered.
This is changing. As the market grows and pricing mechanisms diversify, some buyers do not want to commit to 20-year contracts. The growing prowess of oil majors such as Exxon and recent entrants such as Cheniere and trading houses means there are aggregators that can supply buyers more flexibly, making it harder for smaller players.
A gap is emerging in the U.S. liquefied natural gas (LNG) industry as big players such as Exxon Mobil Corp (XOM.N) and Cheniere Energy Inc (LNG.A) race ahead to build export terminals without new long-term contracts, while smaller developers struggle to find financing for their first plants.
LNG trade has traditionally been underpinned by long-term purchasing deals which finance multi-billion dollar terminals that liquefy natural gas by chilling it to -260 degrees Fahrenheit (-160 Celsius), load it onto ships, and regasify it when delivered.
This is changing. As the market grows and pricing mechanisms diversify, some buyers do not want to commit to 20-year contracts. The growing prowess of oil majors such as Exxon and recent entrants such as Cheniere and trading houses means there are aggregators that can supply buyers more flexibly, making it harder for smaller players.
#Qatar's dairy firm Baladna to raise $392 million in IPO - Reuters
Qatar's dairy firm Baladna to raise $392 million in IPO - Reuters:
Qatar’s dairy company Baladna plans to launch an initial public offering later this month that could raise 1.426 billion riyals ($392 million) by selling 75% of its share capital in the domestic bourse, it said on Thursday.
Baladna is creating a dairy industry in the desert to help the country withstand a boycott which started in 2017 by other Arab states including Saudi Arabia, a key exporter for food products to Doha.
Baladna, incorporated in 2014, is Qatar’s largest dairy and beverage company, and its herd has grown to approximately 18,000 cows, housed in two farms spread over a total area of more than 2 million square meters.
Qatar’s dairy company Baladna plans to launch an initial public offering later this month that could raise 1.426 billion riyals ($392 million) by selling 75% of its share capital in the domestic bourse, it said on Thursday.
Baladna is creating a dairy industry in the desert to help the country withstand a boycott which started in 2017 by other Arab states including Saudi Arabia, a key exporter for food products to Doha.
Baladna, incorporated in 2014, is Qatar’s largest dairy and beverage company, and its herd has grown to approximately 18,000 cows, housed in two farms spread over a total area of more than 2 million square meters.
Can #Dubai go green with flying taxis and 'rooms on wheels'? - Reuters
Can Dubai go green with flying taxis and 'rooms on wheels'? - Reuters:
With a bus stop only five minutes from her Dubai home, it is normally convenient for Deborah Irechukwu to travel to the city center by public transport - except in summer.
The scorching temperatures - which can reach more than 40 degrees Celsius (104 degrees Fahrenheit) - make even that short walk excruciating, so when she has to run an errand the Nigerian native usually takes a taxi.
“It’s too hot outside. But today I didn’t have much (cash) on me, so I had to take the bus,” said Irechukwu, a teacher, wiping her face of sweat as she sat inside an air-conditioned bus shelter one afternoon.
With a bus stop only five minutes from her Dubai home, it is normally convenient for Deborah Irechukwu to travel to the city center by public transport - except in summer.
The scorching temperatures - which can reach more than 40 degrees Celsius (104 degrees Fahrenheit) - make even that short walk excruciating, so when she has to run an errand the Nigerian native usually takes a taxi.
“It’s too hot outside. But today I didn’t have much (cash) on me, so I had to take the bus,” said Irechukwu, a teacher, wiping her face of sweat as she sat inside an air-conditioned bus shelter one afternoon.
Air Arabia Soars on Plan to Start Low-Cost Carrier With Etihad - Bloomberg
Air Arabia Soars on Plan to Start Low-Cost Carrier With Etihad - Bloomberg:
Low-cost Gulf carrier Air Arabia surged the most in over two years after announcing plans to start a new Abu Dhabi-based airline with Etihad Airways.
The new service, called Air Arabia Abu Dhabi, will cater for growing demand in the region for more affordable travel, Etihad Chief Executive Officer Tony Douglas said in a statement on Wednesday.
Air Arabia’s stock advanced as much as 5.9% in Dubai on Thursday, the biggest intraday jump in more than two years, and traded 2.2% higher at 1.39 dirhams at 12.17 p.m. in Dubai.
Low-cost Gulf carrier Air Arabia surged the most in over two years after announcing plans to start a new Abu Dhabi-based airline with Etihad Airways.
The new service, called Air Arabia Abu Dhabi, will cater for growing demand in the region for more affordable travel, Etihad Chief Executive Officer Tony Douglas said in a statement on Wednesday.
Air Arabia’s stock advanced as much as 5.9% in Dubai on Thursday, the biggest intraday jump in more than two years, and traded 2.2% higher at 1.39 dirhams at 12.17 p.m. in Dubai.
Selling Aramco: The Wall Street A-Listers on Oil Giant’s IPO - Bloomberg
Selling Aramco: The Wall Street A-Listers on Oil Giant’s IPO - Bloomberg:
Saudi Aramco has enlisted the help of a former Donald Trump national security adviser and an ex-House of Representatives majority leader to pull off the world’s biggest IPO.
One-time Trump staffer Dina Powell, a partner at Goldman Sachs Group Inc., and Moelis & Co. Vice Chairman Eric Cantor are among scores of Wall Street veterans hired to sell shares in the kingdom’s state oil firm. The roster of bankers reads like a who’s who of finance, underscoring the importance of Saudi Arabia a year after the murder of government critic Jamal Khashoggi prompted a brief spell of skittishness over doing business with the country.
At the end of the month, many of Aramco’s bankers are expected to converge at the Future Investment Initiative -- an annual jamboree to showcase the kingdom’s aspirations that’s been dubbed Davos in the Desert. The Saudi government is set to give the official green light for the IPO at a meeting on Thursday, aiming to raise about $40 billion for the kingdom’s sovereign wealth fund, and a formal announcement is expected to follow on
Saudi Aramco has enlisted the help of a former Donald Trump national security adviser and an ex-House of Representatives majority leader to pull off the world’s biggest IPO.
One-time Trump staffer Dina Powell, a partner at Goldman Sachs Group Inc., and Moelis & Co. Vice Chairman Eric Cantor are among scores of Wall Street veterans hired to sell shares in the kingdom’s state oil firm. The roster of bankers reads like a who’s who of finance, underscoring the importance of Saudi Arabia a year after the murder of government critic Jamal Khashoggi prompted a brief spell of skittishness over doing business with the country.
At the end of the month, many of Aramco’s bankers are expected to converge at the Future Investment Initiative -- an annual jamboree to showcase the kingdom’s aspirations that’s been dubbed Davos in the Desert. The Saudi government is set to give the official green light for the IPO at a meeting on Thursday, aiming to raise about $40 billion for the kingdom’s sovereign wealth fund, and a formal announcement is expected to follow on
#Dubai’s Biggest Bank Plans $1.76 Billion Rights Share Sale - Bloomberg
Dubai’s Biggest Bank Plans $1.76 Billion Rights Share Sale - Bloomberg:
Dubai’s biggest bank is seeking to raise 6.45 billion dirhams ($1.76 billion) from a rights share offering as it expands abroad and courts more foreigners to its stock.
The state-controlled Emirates NBD PJSC plans to offer 758.8 million shares at 8.5 dirhams each, it said in a statement. That compares with its closing price of 13.15 dirhams on Oct. 16 and represents a discount of about 35%. The issue opens Nov. 10 and will close Nov. 20.
The shares dropped 3.8% at 12.65 dirhams at 11:31 a.m. in Dubai, dragging the exchange’s benchmark index 1.4% lower. For the year, the shares are up more than 40%.
Dubai’s biggest bank is seeking to raise 6.45 billion dirhams ($1.76 billion) from a rights share offering as it expands abroad and courts more foreigners to its stock.
The state-controlled Emirates NBD PJSC plans to offer 758.8 million shares at 8.5 dirhams each, it said in a statement. That compares with its closing price of 13.15 dirhams on Oct. 16 and represents a discount of about 35%. The issue opens Nov. 10 and will close Nov. 20.
The shares dropped 3.8% at 12.65 dirhams at 11:31 a.m. in Dubai, dragging the exchange’s benchmark index 1.4% lower. For the year, the shares are up more than 40%.
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