Saudi's Arabian Mills to sell 30% stake in IPO
Arabian Mills for Food Products Company (Arabian Mills) intends to sell 30% of the company’s capital, or 15.39 million shares, through an initial public offering on the Saudi Exchange's (Tadawul) main market.
The shares being sold are owned by Abdulaziz Al-Ajlan Sons for Trading and Real Estate Investment Company – Ajlan & Bros, Sulaiman Abdulaziz Al-Rajhi International Company, and the National Agricultural Development Company (NADEC).
The IPO bookbuilding process will run from September 1 to 15, with the final price announcement on September 11.
The retail IPO will run from September 18 to 19.
Following the completion of the offering, the current shareholders shall collectively own 70% of the company’s share capital.
The final IPO price will be determined at the end of the book-building period.
The company has appointed HSBC Saudi Arabia as financial advisor, global coordinator, bookrunner, underwriter, and lead manager.
Alrajhi Bank, Saudi Awwal Bank and Banque Saudi Fransi have been appointed as receiving agents for retail investors.
The Riyadh-based company has consistently grown its market share in both volume and value across both its flour and feed products. It has a daily flour production capacity of 4,920 tonnes and a daily feed milling capacity of 600 tonnes.
Arabian Mills is the second largest in terms of market share in the Saudi flour market, with 28.4% and 25.3% in terms of volume and value, respectively, in 2023.
The company is a leader in the bran segment, with a market share of 32.6% last year.
Wednesday 21 August 2024
Most stock markets in Gulf gain ahead of US job data, Fed minutes | Reuters
Most stock markets in Gulf gain ahead of US job data, Fed minutes | Reuters
Most stock markets in the Gulf ended higher on Wednesday as investors awaited U.S. economic data and speeches from policymakers that are expected to make the case for rate cuts.
Preliminary revisions to U.S. labour data are due later in the day and a large downward revision is expected, which would support cutting interest rates. U.S. and global purchasing managers' index surveys are due on Thursday.
Federal Reserve Chair Jerome Powell's speech at the Jackson Hole economic symposium on Friday will be parsed for any hints on the likely size of a rate cut next month.
Interest-rate futures have priced in a 25 basis point U.S. rate cut next month, with a one-third chance of a 50 bp reduction. Almost 100 bps in cuts are priced in for this year, and another 100 bps next year. FEDWATCH
Monetary policy in the six-member Gulf Cooperation Council is usually guided by the Fed's decisions as most regional currencies are pegged to the U.S. dollar.
Saudi Arabia's benchmark index (.TASI), opens new tab gained 0.7%, with aluminium products manufacturer Al Taiseer Group (4143.SE), opens new tab advancing 4.9% and Al Rajhi Bank (1120.SE), opens new tab closing 3% higher.
On the other hand, oil giant Saudi Aramco (2222.SE), opens new tab retreated 1.6%.
Dubai's main share index (.DFMGI), opens new tab finished 0.9% higher, with blue-chip developer Emaar Properties (EMAR.DU), opens new tab rising 3.9% and sharia-compliant lender Dubai Islamic Bank (DISB.DU), opens new tab up 2.7%.
In Abu Dhabi, the index (.FTFADGI), opens new tab added 0.3%.
The Qatari benchmark (.QSI), opens new tab dropped 0.4%, hit by a 1.8% fall in petrochemical maker Industries Qatar (IQCD.QA), opens new tab.
Oil prices - a catalyst for the Gulf's financial markets - steadied, with benchmark Brent holding above $77 a barrel, after steady selloffs driven by expectations of reduced Chinese demand and diminishing concerns of the Middle East conflict disrupting supply.
Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab closed flat.
Most stock markets in the Gulf ended higher on Wednesday as investors awaited U.S. economic data and speeches from policymakers that are expected to make the case for rate cuts.
Preliminary revisions to U.S. labour data are due later in the day and a large downward revision is expected, which would support cutting interest rates. U.S. and global purchasing managers' index surveys are due on Thursday.
Federal Reserve Chair Jerome Powell's speech at the Jackson Hole economic symposium on Friday will be parsed for any hints on the likely size of a rate cut next month.
Interest-rate futures have priced in a 25 basis point U.S. rate cut next month, with a one-third chance of a 50 bp reduction. Almost 100 bps in cuts are priced in for this year, and another 100 bps next year. FEDWATCH
Monetary policy in the six-member Gulf Cooperation Council is usually guided by the Fed's decisions as most regional currencies are pegged to the U.S. dollar.
Saudi Arabia's benchmark index (.TASI), opens new tab gained 0.7%, with aluminium products manufacturer Al Taiseer Group (4143.SE), opens new tab advancing 4.9% and Al Rajhi Bank (1120.SE), opens new tab closing 3% higher.
On the other hand, oil giant Saudi Aramco (2222.SE), opens new tab retreated 1.6%.
Dubai's main share index (.DFMGI), opens new tab finished 0.9% higher, with blue-chip developer Emaar Properties (EMAR.DU), opens new tab rising 3.9% and sharia-compliant lender Dubai Islamic Bank (DISB.DU), opens new tab up 2.7%.
In Abu Dhabi, the index (.FTFADGI), opens new tab added 0.3%.
The Qatari benchmark (.QSI), opens new tab dropped 0.4%, hit by a 1.8% fall in petrochemical maker Industries Qatar (IQCD.QA), opens new tab.
Oil prices - a catalyst for the Gulf's financial markets - steadied, with benchmark Brent holding above $77 a barrel, after steady selloffs driven by expectations of reduced Chinese demand and diminishing concerns of the Middle East conflict disrupting supply.
Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab closed flat.
TJ Maxx Owner Gains Mideast Access with Brands for Less Stake - Bloomberg
TJ Maxx Owner Gains Mideast Access with Brands for Less Stake - Bloomberg
The owner of T.J. Maxx has acquired a 35% stake in Dubai-based Brands for Less for $360 million, giving the US discount retailer access to fast-growing consumer markets in the Middle East.
TJX Cos. is buying into the firm at an enterprise value of $1.2 billion, according to a statement. Brands for Less said TJX, with its 5,000 stores globally, would support the firm’s expansion in the Persian Gulf and beyond, including India, Malaysia and Singapore.
The transaction is the latest sign of robust mergers and acquisitions activity in the region, where oil exporters like the United Arab Emirates and Saudi Arabia are spending heavily to diversify their economies and attract foreign investors.
Brands for Less opened its first store in Lebanon in 1996 but decamped a few years later to Dubai, which at the time was in the early stages of transforming itself into the region’s leading financial hub.
The company now has more than 100 stores in seven markets across the Middle East, selling everything from apparel and homeware to toys at discounts of as much as 80% off the original retail price for well-known brands.
That model has served Brands for Less well during downturns, including the Covid pandemic, Executive Chairman and Co-founder Toufic Kreidieh said in an interview. With TJX’s backing, the firm aims to double the number of stores it operates in the next five years, he said.
Describing shopping for discounted brands as a “treasure hunt,” Kreidieh said businesses like Brands for Less are shielded from recessions. “This is where we really offer ourselves as a solution,” because consumers would rather buy brands at discounted rates than not at all, he said.
Dubai’s deNovo Partners acted as the sole financial adviser while White & Case provided legal counsel to Brands for Less.
The owner of T.J. Maxx has acquired a 35% stake in Dubai-based Brands for Less for $360 million, giving the US discount retailer access to fast-growing consumer markets in the Middle East.
TJX Cos. is buying into the firm at an enterprise value of $1.2 billion, according to a statement. Brands for Less said TJX, with its 5,000 stores globally, would support the firm’s expansion in the Persian Gulf and beyond, including India, Malaysia and Singapore.
The transaction is the latest sign of robust mergers and acquisitions activity in the region, where oil exporters like the United Arab Emirates and Saudi Arabia are spending heavily to diversify their economies and attract foreign investors.
Brands for Less opened its first store in Lebanon in 1996 but decamped a few years later to Dubai, which at the time was in the early stages of transforming itself into the region’s leading financial hub.
The company now has more than 100 stores in seven markets across the Middle East, selling everything from apparel and homeware to toys at discounts of as much as 80% off the original retail price for well-known brands.
That model has served Brands for Less well during downturns, including the Covid pandemic, Executive Chairman and Co-founder Toufic Kreidieh said in an interview. With TJX’s backing, the firm aims to double the number of stores it operates in the next five years, he said.
Describing shopping for discounted brands as a “treasure hunt,” Kreidieh said businesses like Brands for Less are shielded from recessions. “This is where we really offer ourselves as a solution,” because consumers would rather buy brands at discounted rates than not at all, he said.
Dubai’s deNovo Partners acted as the sole financial adviser while White & Case provided legal counsel to Brands for Less.
#AbuDhabi’s Mubadala Adds to Data Center Bets With Yondr Deal - Bloomberg
Abu Dhabi’s Mubadala Adds to Data Center Bets With Yondr Deal - Bloomberg
Mubadala Investment Co. is investing in London-based data center developer Yondr Group, marking the Abu Dhabi wealth fund’s latest foray into a sector that’s expected to benefit from booming demand for cloud services and artificial intelligence technology.
The $302 billion wealth fund said its investment will support growth at Yondr, which has contracted and reserved capacity of 878 megawatts. Mubadala didn’t disclose further terms of the transaction.
Data-center operators have drawn interest from infrastructure funds with large pools of capital. More than $20 billion has been invested in the sector this year, reflecting the critical role these facilities play in supporting the expanding digital economy.
Global cumulative data-center demand is expected to grow at a compound annual growth rate of 11% by 2032, Mubadala said in a statement. The fund has already inked a string of deals in the sector, including investments in US-based Aligned Data Centers and Singapore’s Princeton Digital Group.
Regionally, the United Arab Emirates and Saudi Arabia want to become hubs for AI as part of their efforts to diversify away from oil. That’s kicked off a race to build expensive data centers to support the technology.
Mubadala Investment Co. is investing in London-based data center developer Yondr Group, marking the Abu Dhabi wealth fund’s latest foray into a sector that’s expected to benefit from booming demand for cloud services and artificial intelligence technology.
The $302 billion wealth fund said its investment will support growth at Yondr, which has contracted and reserved capacity of 878 megawatts. Mubadala didn’t disclose further terms of the transaction.
Data-center operators have drawn interest from infrastructure funds with large pools of capital. More than $20 billion has been invested in the sector this year, reflecting the critical role these facilities play in supporting the expanding digital economy.
Global cumulative data-center demand is expected to grow at a compound annual growth rate of 11% by 2032, Mubadala said in a statement. The fund has already inked a string of deals in the sector, including investments in US-based Aligned Data Centers and Singapore’s Princeton Digital Group.
Regionally, the United Arab Emirates and Saudi Arabia want to become hubs for AI as part of their efforts to diversify away from oil. That’s kicked off a race to build expensive data centers to support the technology.
Most Gulf markets gain ahead of US job data, Fed | Reuters
Most Gulf markets gain ahead of US job data, Fed | Reuters
Most major stock markets in the Gulf rose in early trade on Wednesday as investors awaited U.S. economic data and speeches from policymakers that are expected to make the case for rate cuts.
Preliminary revisions to U.S. labour data are due later on Wednesday and a large downward revision is expected, which would support cutting interest rates. U.S. and global purchasing managers' index surveys are due on Thursday.
Federal Reserve Chair Jerome Powell's speech on Friday at the Jackson Hole economic symposium will be parsed for any hints on the likely size of a rate cut next month.
Interest rate futures have priced in a 25 basis point U.S. rate cut next month, with a 1/3 chance of a 50 bp cut. Almost 100 bps in cuts are priced in for this year, and another 100 bps next year. FEDWATCH
Monetary policy in the six-member Gulf Cooperation Council is usually guided by the Fed's decisions as most regional currencies are pegged to the U.S. dollar.
Saudi Arabia's benchmark stock index (.TASI), opens new tab gained 0.4%, with aluminium products manufacturer Al Taiseer Group (4143.SE), opens new tab rising 0.8% and Al Rajhi Bank (1120.SE), opens new tab advancing 2.1%. However, oil giant Saudi Aramco (2222.SE), opens new tab fell 1.6%.
Oil prices - a catalyst for the Gulf's financial markets - slipped on estimates showing swelling U.S. crude inventories and expectations that tensions in the Middle East were easing following a tour of the region by mediators.
Dubai's main share index (.DFMGI), opens new tab edged 0.1% higher, helped by a 2.4% rise in Emirates Central Cooling Systems Corp (EMPOWER.DU), opens new tab.
In Abu Dhabi, the benchmark stock index (.FTFADGI), opens new tab climbed 0.1%.
The Qatari benchmark (.QSI), opens new tab eased 0.5%, dragged down by a 1.7% fall in petrochemical maker Industries Qatar (IQCD.QA), opens new tab.
Most major stock markets in the Gulf rose in early trade on Wednesday as investors awaited U.S. economic data and speeches from policymakers that are expected to make the case for rate cuts.
Preliminary revisions to U.S. labour data are due later on Wednesday and a large downward revision is expected, which would support cutting interest rates. U.S. and global purchasing managers' index surveys are due on Thursday.
Federal Reserve Chair Jerome Powell's speech on Friday at the Jackson Hole economic symposium will be parsed for any hints on the likely size of a rate cut next month.
Interest rate futures have priced in a 25 basis point U.S. rate cut next month, with a 1/3 chance of a 50 bp cut. Almost 100 bps in cuts are priced in for this year, and another 100 bps next year. FEDWATCH
Monetary policy in the six-member Gulf Cooperation Council is usually guided by the Fed's decisions as most regional currencies are pegged to the U.S. dollar.
Saudi Arabia's benchmark stock index (.TASI), opens new tab gained 0.4%, with aluminium products manufacturer Al Taiseer Group (4143.SE), opens new tab rising 0.8% and Al Rajhi Bank (1120.SE), opens new tab advancing 2.1%. However, oil giant Saudi Aramco (2222.SE), opens new tab fell 1.6%.
Oil prices - a catalyst for the Gulf's financial markets - slipped on estimates showing swelling U.S. crude inventories and expectations that tensions in the Middle East were easing following a tour of the region by mediators.
Dubai's main share index (.DFMGI), opens new tab edged 0.1% higher, helped by a 2.4% rise in Emirates Central Cooling Systems Corp (EMPOWER.DU), opens new tab.
In Abu Dhabi, the benchmark stock index (.FTFADGI), opens new tab climbed 0.1%.
The Qatari benchmark (.QSI), opens new tab eased 0.5%, dragged down by a 1.7% fall in petrochemical maker Industries Qatar (IQCD.QA), opens new tab.
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