Management Decisions

Total distributions amount to SAR 1.7 billion, will be distributed at 71 halalas per share

20 July 12:36 PM SABB to distribute H1 dividends on 17 August

Riyadh – Mubasher: The Saudi British Bank’s (SABB) board of directors recommended the distribution of cash dividends to shareholders for the first half of 2017. Total distributions amount to SAR 1.7 billion and will be distributed at 71 halalas …

Management Decisions

US lifts electronic equipment ban from KSA – GACA

19 July 04:20 PM US lifts electronic equipment ban from KSA – GACA

Riyadh – Mubasher: The Saudi General Authority of Civil Aviation (GACA) on Wednesday announced the lifting of the ban on carrying electronic equipment on Saudi flights to the US effective Wednesday, 19 July. The US Department of Transportation has …

Management Decisions

Al Sorayai names Al Rashed new CEO

19 July 12:10 PM Al Sorayai names Al Rashed new CEO

Riyadh – Mubasher: Al Sorayai Trading and Industrial Group’s board of directors approved on Tuesday the resignation of its CEO Vassilis Agapitos for personal reasons. The decision is effective Wednesday, Al Sorayai added in a statement to the …

Management Decisions

Fawaz Abdulaziz Alhokair Company board of directors approved appointing Abdul Majeed Abdulaziz Al Hokair as the new chairman

18 July 11:02 AM Alhokair names new chairman, deputy

Riyadh – Mubasher: Fawaz Abdulaziz Alhokair Co.'s board of directors has approved appointing Abdul Majeed Abdulaziz Al Hokair as the new chairman, effective Monday, 16 July 2017 till 30 June 2020, based on a recommendation by the company's …

Management Decisions

This capital hike will boost the financial position of Al Jouf

18 July 10:32 AM Al Jouf Cement to raise capital via bonus shares

Riyadh – Mubasher: The extraordinary general meeting (EGM) of Al Jouf Cement on Monday approved raising its capital through distributing bonus shares. Al Jouf Cement will distribute a share per each 10 shares to raise its capital by 10% to SAR 1.3 …

The Muscat Securities Market (MSM) on Monday announced that the trading activities will be suspended

17 July 01:47 PM MSM announces vacation on 23 July

Mubasher: The Muscat Securities Market (MSM) on Monday announced that trading activities will be suspended on Sunday, 23 July 2017 on the occasion of Oman’s Renaissance Day. Trading activities will resume on Monday, 24 July.

Trading Activities

Tawuniya names ِAl Bouq new CEO

17 July 11:04 AM Tawuniya names ِAl Bouq new CEO

Riyadh – Mubasher: The Company for Cooperative Insurance’s (Tawuniya) board of directors on Monday approved appointing Abdulaziz bin Hassan Al Bouq as the new CEO effective immediately. Al Bouq’s appointment came after the board approved the …

Management Decisions

The National Bank of Egypt (NBE) and Banque Misr decided to raise interest rates on savings accounts and deposits from 0.5% to 1%

14 July 02:37 PM NBE, Banque Misr raise interest rates by 0.5%, 1%

Cairo – Mubasher: The National Bank of Egypt (NBE) and Banque Misr decided to raise interest rates on savings accounts and deposits from 0.5% to 1% and keeping the prices of high yield saving certificates at current levels. Banque Misr raised the …

Management Decisions

PWC will work on suggesting and offering needed solutions to overcome Al Inma Tokio’s internal control problems

13 July 05:24 PM Al Inma Tokio hires PWC to evaluate internal control

Riyadh – Mubasher: Al Inma Tokio Marine Co on Thursday signed a contract with consulting firm PricewaterhouseCoopers (PWC) as a financial advisor to study the reasons behind the former’s weak internal control, according to a statement to the Saudi …

Management Decisions

Misr-Cement Qena’s stock closed at EGP 135.98, increasing 4.20%, on Thursday

13 July 04:36 PM Misr Cement profits fall 63%; capital hike recommended

Cairo – Mubasher: The consolidated financial statements of Misr Cement-Qena on Thursday revealed a 63% decline in profits for the first half of 2017. Net profits stood at EGP 50.6 million in H1-17, compared to EGP 137.5 million in H1-16, according …

Management Decisions

The bank approved the planning budget for fiscal year 2017/2018

13 July 12:45 PM EBE raises authorised capital to EGP 5bn

Cairo – Mubasher: The extraordinary general meeting (EGM) of the Export Development Bank of Egypt (EBE) approved raising the authorised capital to EGP 5 billion from EGP 2 billion. The EGM also gave the go-ahead to amend Article 5 of the bank’s …

Management Decisions

The Kingdom’s oil reduction comes in line with trying to balance the growth in domestic consumption during the summer

12 July 02:51 PM KSA to cut oil shipments to yr-low in August – Reuters

Riyadh – Mubasher: Saudi Arabia plans to decrease crude oil shipments by more than 600,000 barrels per day (bpd) in August, Reuters on Wednesday reported, citing a Saudi industry source as saying. The Kingdom’s oil reduction comes in line with …

Management Decisions

Bergström’s appointment is part of a strategic plan

12 July 12:25 PM ADX appoints new market development advisor

Abu Dhabi – Mubasher: The Abu Dhabi Securities Exchange (ADX) on Tuesday announced that the previous chairman of NASDAQ OMX Armenia Exchange Henri Bergström has joined the ADX as a market development advisor. Bergström’s appointment is part of a …

The company’s rights issue to raise its capital by KWD 10.85 million was fully subscribed

10 July 04:41 PM IPG mulls expansion in KSA, Africa

Mubasher: Independent Petroleum Group (IPG) intends to expand its business in Saudi Arabia, East Africa, and Morocco, chairman of IPG Khalaf Ahmed Al Khalaf said. The company’s rights issue to raise its capital by KWD 10.85 million was fully …

Management Decisions

The UAE firm will also hold a press conference on Monday

10 July 10:02 AM Gulf Navigation nods to new trademark

Dubai – Mubasher: The board members of Gulf Navigation Holding approved the company’s new trademark, according to a bourse statement issued on Monday. The UAE firm will also hold a press conference on Monday to disclose its latest updates …

Management Decisions

Hits Telecom posted a decline of 5.3% in losses during FY16

9 July 04:51 PM Hits Telecom to change company name

Mubasher: The ordinary general meeting (OGM) of Hits Telecom Holding approved changing the company’s name to AAN Digital Service Holding Company, according to a bourse statement issued on Sunday. The shareholders of Hits Telecom, which is listed …

Rashad will replace Abd El Malik Kanawati as of 5 July

6 July 12:44 PM Al Safwa Mubasher hires new CEO

Dubai – Mubasher: Al Safwa Mubasher hired Ehab Rashad as its new CEO, according to a statement. Rashad replaced Abd El Malik Kanawati as of 5 July. Al Safwa Mubasher was listed on the Dubai Financial Market (DFM) on 26 November 2015.

Board of Directors

Headquarters of Amlak

5 July 08:34 AM Amlak Finance names new CFO

Dubai – Mubasher: Amlak Finance has promoted Muhammad Azam Razzak to be the company’s chief financial officer (CFO), according to a bourse statement issued on Wednesday.

Management Decisions

Emirates Investment Bank

5 July 08:23 AM EIBank appoints new CFO

Dubai – Mubasher: Emirates Investment Bank (EIBank) has appointed Imad bou Khouzam as the chief financial officer (CFO), where he will lead the finance, operations, and IT departments. Bou Khouzam brings over 24 years of experience in banking and …

Management Decisions

Etisalat Nigeria has a 14% market share in Nigeria

4 July 06:24 PM Etisalat Nigeria names new chairman – Reuters

Abu Dhabi – Mubasher: Etisalat Nigeria on Tuesday announced appointing Joseph Nnanna, the deputy governor of the Central Bank of Nigeria (CBN), as its new chairman, Reuters reported, citing a company spokesperson. The Abu Dhabi-based telecom …

Management Decisions

Chairman of Etisalat Nigeria Hakeem Belo-Osagie has resigned on the back of the failure in renegotiating a $1.2 billion loan

4 July 10:47 AM Etisalat Nigeria chairman resigns - Reuters

Dubai – Mubasher: Chairman of Etisalat Nigeria Hakeem Belo-Osagie has resigned on the back of the failure in renegotiating a $1.2 billion loan the company had obtained from 13 banks four years ago, Reuters reported, citing two sources. "The …

Management Decisions

The Egyptian Exchange

3 July 11:00 AM EGX calls on traders to pay stamp duty tax

Cairo – Mubasher: The Egyptian Exchange (EGX) has asked brokerage companies to notify their clients to pay the stamp duty tax. The EGX noted that all transactions will be cancelled in case of the tax is not paid, according to a statement released …

Markets Regulations

Emirates is considered the first to directly link between Phnom Penh and Burma-based Yangon since 2014.

2 July 05:01 PM Emirates expands in Asia

Dubai – Mubasher: Emirates on Sunday revealed that it increased its flight destinations in Southeast Asia to 13, according to a press release. The UAE-based flights company launched its first route to Cambodia’s capital, Phnom Penh, through …

Management Decisions

The company’s current capital stands at KWD 98.97 million

2 July 02:05 PM NREC shareholders nod to capital hike

Kuwait – Mubasher: The ordinary general meeting (OGM) of National Real Estate (NREC) approved raising its capital to KWD 150 million, distributed on 1.5 billion shares at a nominal value of 100 fils each. The company’s current capital stands at …

Corporate Actions

The board of directors of Al Yamamah Steel Industries Company appointed Saad bin Ibrahim Al Mojel as chairman

2 July 12:59 PM Al Yamamah Steel names new chairman, deputy

Riyadh – Mubasher: The board of directors of Al Yamamah Steel Industries Company appointed Saad bin Ibrahim Al Mojel as chairman for the coming three years. The board also appointed Raed bin Ibrahim Al Mudieheem as deputy chairman, according to …

Management Decisions