THe FINANCIAL — Saudi Arabia's Almarai Co has received shareholder approval for its planned Islamic bond sale, the diary firm said in a statement.
The approval was obtained at an extraordinary general assembly meeting on Saturday, the bourse statement said. Last month, Almarai had said it was planning a sukuk issue and was seeking shareholder approval. Several Gulf-based firms have lined up to issue sukuk in the coming months lured by investor appetite and potentially cheaper costs than the conventional stream.
No time frame or further details of the bond issuance were given. The company has plans to invest 4 billion riyals in the poultry sector.Oriental Weaver Carpets Co., the world's biggest machine-made carpet manufacturer, said its nine- month profit dropped 23 per cent. Net income for the period to September 30 was 185.5 million Egyptian pounds compared with 241.8 million pounds a year earlier, the Cairo-based company said in a filing to the Egyptian bourse yesterday.Saudi Enaya Cooperative Insurance Co received the market regulator's approval to sell a 40 per cent stake in an initial public offering.
The Central Bank of the UAE and the Jersey Financial Services Commission agreed to exchange information and cooperate in supervising financial institutions. The agreement signed yesterday in Abu Dhabi "puts a mechanism to cooperate in regulatory matters and supervision of banks and other financial institutions operating in both jurisdictions and exchange of supervisory information,'' the UAE Central Bank said in an emailed statementGE and Turkish energy company MetCap Energy Investments announced their investment in one of Europe's most efficient, natural gas-fired power plants. Featuring GE technology, the 878-megawatt Eurostar project will help to power Istanbul, supporting Turkey's efforts to modernise its ageing energy infrastructure and meet its growing electricity requirements.
GE and MetCap also announced approval by the Turkish government to nearly double the output of the world's first Integrated Renewables Combined-Cycle plant. The licence extension allows energy output to be increased from 570 megawatts to 1,080. The Dervish licence extension also paves the way for a second plant using concentrated solar power technologies.STX Heavy Industries Co Ltd, an unlisted unit of South Korea's STX Group, said yesterday it has obtained a $2 billion deal to construct and operate a large-scale industrial complex in Saudi Arabia. The complex comprises iron ore production and power generation plants, it said. Under the deal signed on Saturday in Riyadh, the Korean party will be responsible for the planning, engineering, procurement, construction, operation and management of the plants to be built in the Wadi Sawawin district of thes northwestern city of Tabuk, STX said.
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