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The facility has been leased to Michelin North America
23 February 02:42 PM GFH acquires mission-critical distribution facility in Chicago for $135m
UAE - Mubasher: GFH Financial Group has acquired a mission-critical distribution facility in Chicago in Illinois in exchange for $135 million, according to a press release on Tuesday. Since November 2015, the facility has been leased to Michelin …
The new investment will accelerate Ageras’ expansion into existing growth markets.
23 February 10:02 AM Investcorp’s portfolio company Ageras raises $73 million in new capital
Mubasher: Leading European technology investor, Investcorp Technology Partners, said its portfolio company, Ageras Group, has raised $73 million from Lugard Road Capital, the US-based alternative asset manager. The new investment will accelerate …
The company's accumulated losses represent 5.42% of the capital
22 February 03:07 PM Al Mazaya's OGM agrees to extinguish KWD 4m accumulated losses
Mubasher: The ordinary general meeting (OGM) of Al Mazaya Holding has approved to write off the accumulated losses valued at KWD 3.73 million as of 31 December 2020. The company's accumulated losses, which represent 5.42% of the capital, will be …
Investcorp will continue KSMC's expansion across the US
22 February 10:37 AM Investcorp acquires majority of US-based KSM Consulting
Mubasher: One of the affiliates of Investcorp has acquired the majority of KSM Consulting, a US data analytics, technology, and digital transformation firm, from Renovus Capital Partners. Under the terms of the transaction which have not been …
The contract includes the supply and installation of 400-kilovolt overhead transmission lines
17 February 10:39 AM Elsewedy Electric's unit inks KWD 16m deal with Kuwait's Ministry of Electricity and Water
Cairo – Mubasher: Elsewedy Electric Co announced that its subsidiary Elsewedy Electric Transmission and Distribution signed a new contract with Kuwait’s Ministry of Electricity and Water. The KWD 16.1 million contract includes the supply and …
Sharjah Cement received the approval to withdraw from Boursa Kuwait
16 February 02:01 PM CMA approves Sharjah Cement's voluntary withdrawal from Boursa Kuwait
Abu Dhabi – Mubasher: Sharjah Cement and Industrial Development Company has received the approval of the board of commissioners of the Capital Market Authority (CMA) to voluntarily withdraw from Boursa Kuwait. The company disclosed this decision …
The board agreed to extinguish treasury shares of 94.339m shares
16 February 11:26 AM GFH's board terminates market making/liquidity providing agreement
Mubasher: The board of GFH Financial Group has decided to terminate the market making/liquidity providing agreement, according to the company's disclosure to the Dubai Financial Market (DFM). The board also agreed to extinguish treasury shares …
The basic and diluted EPS stood at 1.35 cents in 2020
16 February 10:30 AM GFH records 32% lower profits in 2020
Mubasher: The net profits attributable to the shareholders of GFH Financial Group slid by 31.7% to $45.1 million in 2020, compared to $66.033 million in 2019. Lower net profits are driven by lower contribution from business lines due to the …
The rating captures STC’s commitment to adopt the best responsible and sustainable business practices.
14 February 03:17 PM STC ranked first in GCC on Dow Jones Sustainability Index
Riyadh – Mubasher: Saudi Telecom Company (stc) headed all telecom companies in the GCC region in terms of sustainability as per the Dow Jones Sustainability Index (DJSI). The company also ranked the second amongst all companies operating in Saudi …
The company's revenues declined to AED 345.878m in 2020
11 February 01:17 PM Gulf Cement Co's net losses deepen in 2020
Mubasher: The net losses of Gulf Cement Co. increased to AED 273.463 million in 2020, compared to AED 26.799 million in 2019, according to the company's financial results for 2020. The company has extinguished losses amounting to AED 265.5 million …
Wahby has started his career as an investment banker in Egypt
9 February 02:10 PM Al Ahli Bank of Kuwait names new CEO in UAE
Mubasher: Al Ahli Bank of Kuwait (ABK) has appointed Omar Wahby as the bank's CEO in the UAE, according to a press release. With a 25-year experience, Wahby has started his career as an investment banker in Egypt and occupied senior roles in a …
The losses are mainly driven by the coronavirus (COVID-19) pandemic
1 February 09:54 AM Al Mazaya reports 3% lower losses in 2020
Mubasher: Al Mazaya Holding reported an around 3% decline in net losses attributable to the parent company's shareholders to KWD 8.48 million in 2020, compared to KWD 8.77 million in 2019, according to the company's consolidated financial results …
The transaction's financial impact cannot be currently assessed
31 January 03:50 PM Agility invests $35m in Queen's Gambit
Mubasher: Agility Public Warehousing has invested around $35 million (KWD 11 million) in acquiring a direct or indirect minority stake in the initial public offering (IPO) of the special purpose acquisition companies (SPAC), Queen's Gambit Growth …
The acquisition expands Agthia Group’s portfolio within consumer products.
28 January 11:16 AM Agthia takes over Kuwait’s Al Faysal Bakery and Sweets
Abu Dhabi – Mubasher: Agthia Group has successfully completed the acquisition of 100% share capital of Al Faysal Bakery and Sweets, one of Kuwait’s leading industrial bakeries. The acquisition bolsters Agthia Group’s regional footprint and expands …
The value of the transaction amounts to KWD 3 million
24 January 03:28 PM Suez Cement sells stake in Kuwait's Hilal Cement
Mubasher: Boursa Kuwait announced the completion of procedures for the sale of 51.75 million shares in Hilal Cement. Suez Cement, listed on the Egyptian Exchange (EGX), sold its stake in the Kuwaiti cement producer for a value of KWD 3 million or …
Part of the facility has a 3-year term
21 January 10:23 AM Agility raises credit facility with local, international banks to KWD 240m
Mubasher: Agility Public Warehousing has inked a credit facility agreement with local, regional, and international banks to refinance and increase its credit facility line to KWD 240 million ($800 million) from around KWD 219 million ($725 …
EFG Hermes came in second ranking on the ADX
19 January 04:47 PM EFG Hermes tops brokerage firms in Egypt, Kuwait, Dubai, Kenya
Cairo – Mubasher: EFG Hermes Securities Brokerage topped brokerage firms in Egypt, Kuwait, Dubai, and Kenya during 2020 and came in the second position in Abu Dhabi and Nigeria and the third place in Oman. The brokerage firm kept its leading …
The supercomputer is named after the first oil well discovered in Saudi Arabia.
19 January 01:26 PM Saudi Aramco, STC launch Dammam 7 supercomputer
Riyadh – Mubasher: The Saudi Arabian Oil Company (Saudi Aramco) and the Saudi Telecom Company (stc) on Tuesday announced launching “Dammam 7”, a new supercomputer and one of the world’s 10 most powerful computers. The supercomputer, which is named …
The company's request to sell treasury shares is valid for six months
19 January 11:44 AM IFA receives approval to sell 17m treasury shares
Mubasher: International Financial Advisors (IFA) has received the Capital Markets Authority's (CMA) approval to sell 17.45 million treasury shares, according to the company's disclosure to the Dubai Financial Market (DFM) on Tuesday. The company's …
IFA has settled and rescheduled 86% of its total debt
13 January 02:58 PM IFA witnesses precautionary seizure by local bank
Mubasher: International Financial Advisors (IFA) has announced a precautionary seizure by one of the local banks on the company due to an owed amount of KWD 8.8 million ($29 million). The debt amount is subject to a dispute between the company and …
Accounts receivable will decrease by KWD 2.249 million
5 January 03:49 PM Ekttitab Holding inks contract to settle KWD 2m debt
Mubasher: Ekttitab Holding, listed on the Dubai Financial Market (DFM) and Boursa Kuwait, has inked a contract to settle the KWD 2.25 million ($7.42 million) debt balance due from Investors Group Holding Company. To settle the debt, Ekttitab …
The short term margin trading was recently added to the DFM
4 January 04:42 PM DFM licenses BH Mubasher as first short term margin trading provider
Dubai – Mubasher: The Dubai Financial Market (DFM) has granted BH Mubasher Financial Services a license to become the first short term margin trading provider on the market. The short term margin trading was recently added to the DFM, as part of …
This reduction will be reflected in the shareholders' portfolio accounts
31 December 2020 11:47 AM ADX announces 50% capital cut for Gulf Cement in CSD department
Mubasher: The Abu Dhabi Securities Exchange (ADX) has announced a 50% capital cut for Gulf Cement Co. in the Clearing, Settlement, Depository, and Registry Services Department (CSD). This reduction will be reflected in the shareholders' portfolio …
The agreement will generate KWD 10.224m net profits
31 December 2020 10:48 AM IFA reschedules KWD 20m debt over five years
Mubasher: International Financial Advisors (IFA) has reached an agreement with a foreign bank, under which a related company has replaced the bank in the company's debt worth KWD 20.06 million ($65.5 million). The company has agreed with the new …
The transaction will generate expected profits of KWD 107,555
30 December 2020 03:58 PM Al Madina for Finance's unit sells stake in Tatweer Capital for KWD 2m
Mubasher: A wholly-owned subsidiary of Al Madina for Finance and Investment has sold a 7% stake in 55%-owned Tatweer Capital Real Estate Company in exchange for KWD 1.98 million ($6.5 million). The transaction will generate expected profits of …