Oct 13 2011
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Takaful to list shares next month
Thursday, Oct 13, 2011
Abu Dhabi-based Islamic insurance firm National Takaful Company, or Watania Takaful, will list its shares on the Abu Dhabi bourse on November 14, more than six months after its $22.50 million (Dh82.62 million) initial public offering, two people familiar with the matter said yesterday. “The company got the necessary approvals to list on the Abu Dhabi Securities Exchange on November 14, right after the Eid vacation,” one banker aware of the deal, who declined to be identified, told Zawya Dow Jones. ADX officials couldn’t be immediately reached for comment.
Qatar Gas Transport Co, known as Nakilat, is studying the use of LNG instead of bunker fuel in its vessels. “In the event this study favourably concludes operational and economic benefits, the charterers, in cooperation with Nakilat, will determine the number of vessels to be refitted,” the company said in a statement to the Qatar bourse yesterday. “If a decision is made to proceed with the refitting of some of the vessels, the charterers of those vessels will bear the full cost of this refit with no financial impact to Nakilat.” Qatar is “seriously considering” the use of gas to run its LNG tankers, the nation’s Oil Minister Mohammad Al Sada said.
Saudi Arabia’s National Commercial Bank (NCB) posted an almost doubling in third-quarter profit to 1.55 billion riyals compared with 828 million riyals a year-ago, according to an e-mailed statement. Net special commission income increased 4.1 per cent from the same period last year, it said.
The head of investment advisory of Barclays Wealth for the Middle East and North Africa, Khurram Jafree, resigned, according to an official at the bank, who declined to be identified.
Qatar’s Doha Bank, the country’s fifth lender by market value, said nine-month profit rose 13 per cent to 1 billion riyals. The company made the announcement in an e-mailed statement yesterday.
— Compiled from staff reports
Staff Report and Agencies
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