Corporate Actions

SABB acquires HSBC’s stake in SABB Takaful
55 minutes ago SABB acquires HSBC’s stakes in SABB Takaful
Riyadh – Mubasher: The Saudi British Bank (SABB) on Thursday announced acquiring HSBC combined stakes in SABB Takaful after obtaining SABB ordinary general meeting (OGM), and the regulatory approvals'. After completing the transaction, SABB will …
Orange Egypt signed an EGP 74m settlement agreement with TE
4 hours ago Orange Egypt settles EGP 74m disputes with TE
Cairo – Mubasher: Orange Egypt for Telecommunications has signed an EGP 74 million settlement agreement with Telecom Egypt on Thursday. Orange Egypt has paid EGP 72 million, in addition to EGP 2 million, to settle its international arbitration and …
Prices will be adjusted on 23 November in accordance with the VAT
12:47 PM Eastern Co raises cigarettes’ prices
Cairo – Mubasher: Eastern Co on Thursday announced the new prices of its products after applying the value-added tax. The price of Cleopatra king size will be raised by 21.7% to EGP 14 from EGP 11.5, while Cleopatra queen soft and Cleopatra box …
Saudi Elaj Group acquires 2 hospitals in Egypt
12:43 PM Saudi Elaj Group acquires 2 hospitals in Egypt
Cairo – Mubasher: Saudi Arabia-based, Elaj Group acquired Alexandria International Hospital in Smoha and Ibn Sina Specialized Hospital in Mohandessin. The takeover of the hospital in Alexandria was implemented through over the counter (OTC) Deals …
KSA to double production in industry sector until 2020 - Al-Faleh
11:05 AM KSA to double industry sector production until 2020 - Al-Faleh
Riyadh – Mubasher: Saudi Arabia plans to double the gross domestic product (GDP) in industrials sector by three to four times until 2020, said Energy, Industry, and Mineral Resources Minister Khaled bin Abdulaziz Al-Faleh. This will lead to a 10% …
KSA agrees $7bn precision guided munitions from U.S. firms
09:54 AM KSA agrees $7bn precision guided munitions from U.S. firms
Riyadh – Mubasher: Saudi Arabia agreed with American defense companies to purchase precision guided munitions at a value of SAR 26.25 billion ($7 billion), Reuters reported, citing informed sources as saying. The U.S. defense firms are Raytheon Co …
Saudi PIF to acquire $10bn financial hub
22 November 04:39 PM Saudi PIF to acquire $10bn financial hub
Riyadh – Mubasher: The Saudi Public Investment Fund (PIF) completed on Tuesday a deal to take control of unfinished King Abdullah Financial District (KAFD) from the Public Pension Agency, in a deal worth $10 billion, Arabian Business reported, …
Russian firm to establish plant for constructing ships in Saudi project Neom
22 November 03:15 PM Russian firm to establish plant for constructing ships in Saudi project Neom
Riyadh – Mubasher: Saudi Arabia and Russia will collaborate in various sectors in the coming period, and Russian firm plans to establish plant for producing ships in the Kingdom’s megaproject, Neom, said a former Russian diplomatic, Vladislav …
Elsewedy targets EGP 40bn revenues in 2017
22 November 02:35 PM Elsewedy targets EGP 40bn revenues in 2017
Cairo – Mubasher: Elsewedy Electric Co aims at achieving revenues of EGP 40 billion this year, CFO Sherif El-Zeiny told Almal News. The company’s total investments stood at EGP 26 billion, El-Zeiny added. He mentioned that the firm obtains 50%, …
The company has not revealed its intentions for getting the loan.
22 November 01:47 PM Oriental Weavers to get EUR 9m loan from QNB
Cairo – Mubasher: The board of directors of Oriental Weavers Carpet has approved to obtain an EUR 9 million loan from Qatar National Bank Al Ahli (QNB). The Egyptian household durables company has assigned chairman Salah Abdel Aziz to sign the …
Orange Egypt to settle EGP 72m arbitration with TE
22 November 12:43 PM Orange Egypt to settle EGP 72m arbitration with TE
Cairo – Mubasher: Orange Egypt for Telecommunications will pay EGP 72 million to settle its international arbitration with Telecom Egypt (TE). The board of Orange Egypt has agreed on signing a settlement agreement in November to resolve all of the …
KSA to issue tourist visas in 2018 – SCTH president
22 November 12:29 PM KSA to issue tourist visas in 2018 –SCTH president
Riyadh – Mubasher: Saudi Arabia will issue tourist visas in 2018, said the president of Saudi Commission for Tourism and National Heritage (SCTH), Sultan bin Salman. Tourist visas will be introduced electronically, CNN reported citing bin Salman …
CI Capital to launch IPO on EGX in 2018
22 November 12:12 PM CI Capital to launch IPO on EGX in 2018
Cairo – Mubasher: CI Capital plans to sell its shares on the Egyptian Exchange (EGX) in an initial public offering (IPO) in the second half of 2018, CEO Mahmoud Atallah told Alborsa News. Atallah forecast the IPO to be launched on the EGX in …
L'azurde extends MoU with Tamkeen’s unit
22 November 12:02 PM L'azurde extends MoU with Tamkeen’s unit
Riyadh – Mubasher:  Saudi Arabia's L'azurde Company for Jewellery agreed to extend the memorandum of understanding (MoU) with Izdiad Commercial Company of Arabia until the end of February 2018 regarding full takeover of Izdiad's capital, which …
First Investment receives tax's value from Saudi unit
22 November 10:42 AM First Investment receives tax's value from Saudi unit
Mubasher: Kuwait-based First Investment on Wednesday said it received the tax value from one of its subsidiaries in Saudi Arabia, while its stake in the unit reduced to SAR 3.36 million ($897,000), from SAR 22.76 million ($6.07 million). A profit …
GFH affirms its plans for listing in Tadawul
22 November 09:34 AM GFH affirms its plans for listing on Tadawul
Dubai – Mubasher: Bahrain's GFH Financial Group on Wednesday confirmed its plans to complete listing requirements of the Saudi Stock Exchange (Tadawul). GFH also plans to obtain the approval of the Central Bank of Bahrain (CBB) regarding this …
Arabtec’s unit wins AED 950m deal
21 November 09:31 AM Arabtec’s unit wins AED 950m deal
Dubai – Mubasher: Target Engineering Construction Company (Target), the wholly-owned subsidiary of the UAE-based, Arabtec Holding handed over a new project at a value of AED 950 million. The contract includes implementing the second phase of …
Saudi consortium acquires Dubai’s GlamBox
20 November 03:51 PM Saudi consortium acquires Dubai’s GlamBox
Riyadh – Mubasher: An unnamed Saudi consortium of investors acquired GlamBox Middle East, an online subscription service for beauty products. The consortium plans to lead the firm’s development in GCC countries in the coming period, especially in …
UAE car plate number sells for AED 10m in record auction
20 November 03:03 PM UAE car plate number sells for AED 10m in record auction
Abu Dhabi – Mubasher: An Abu Dhabi car plate with the number ‘2’ was sold at an auction in Abu Dhabi at a record value of AED 10 million ($2.7 million). The plate was purchased by Emirati businessman Ahmed Al Marzuoqi, after a neck-and-neck bid …
Elsewedy aims at boosting its exports by 20% in 2018
20 November 12:38 PM Elsewedy, MERE in talks over 6 wind farms
Cairo – Mubasher: Elsewedy Electric Co is currently in talks with the Ministry of Electricity and Renewable Energy over obtaining six lands under usufruct right for 25 years to operate six wind farms with a combined capacity of 100 megawatts per …
Amazon, Facebook to invest in Saudi market later – AlRwais
20 November 12:16 PM Amazon, Facebook to invest in Saudi market – CITC
Riyadh – Mubasher: International companies such as Facebook and Amazon have asked to start investing in Saudi Arabia’s cloud computing sector, according to Abdulaziz AlRwais, the governor of the Saudi Communications and Information Technology …
Hilal Cement’s capital stands at KWD 10.15 million
20 November 11:17 AM Hilal Cement names new CEO
Mubasher: Hilal Cement announced the appointment of Ghalib Ahmed Rashid Khalil as its new CEO, starting from 19 November 2017, according to a bourse statement issued on Monday. It is worth noting that Said Al Tabtubaee chairs the board of …
Emaar Development’s IPO to attract large number of Saudi investors
20 November 10:19 AM Emaar Development’s IPO to attract large number of Saudi investors
Dubai – Mubasher: Emaar Properties on Monday said that the initial public offering (IPO) of its unit, Emaar Development attracted a large number of regional investors, especially Saudi investors. The qualified Saudi investment institutions …
Saudi Aramco has shut down its 90,000 bpd crude oil refinery in Jeddah indefinitely
19 November 02:51 PM Saudi Aramco shuts down Jeddah refinery indefinitely
Riyadh – Mubasher: Saudi Aramco has shut down its 90,000 barrel per day (bpd) crude oil refinery in Jeddah indefinitely, sources said on Sunday. Aramco had been considering whether to close the refinery for years because of age and environmental …
Lockheed Martin to produce 150 Black Hawk Helicopters for KSA – O’Bryan
16 November 06:00 PM Lockheed Martin to produce 150 Black Hawk Helicopters for KSA – O’Bryan
Riyadh – Mubasher: Lockheed Martin will implement a project to produce more than 150 Black Hawk Helicopters for Saudi Arabia, said Steve O’Bryan, Lockheed Maritn’s vice president of International Strategy and Business Development. The manufacture …