26 December 2010
KUWAIT: Kuwait Stock Exchange (KSE) moved sideways all through the week as institutional investors stayed away from the market waiting for the court ruling regarding Al-Fawares lawsuit against the opening of the books of Zain to Etisalat.
During this time most of the trades were seen on medium to small sized companies. However, with the court ruling with Zain opening the books, a new positive feeling came along that the Zain-Etisalat deal is continuing pushing the trading and the market to higher levels.
Global's weighted General Index managed to add 0.48 percent to its value and closed at 221.59 point this week. On a year-to-date basis, the index gains reached 18.99 percent. On the other hand, Kuwait Stock Exchange (KSE) price index was also up, adding 28.70 points (0.42 percent) to its value as it closed at 6,881.9 point. Total market capitalization reached KD35.93bn with the newly listed Boubyan International Industries Holding Company adding KD37.20mn to the total market cap. The scrip got listed on Th
ursday, December 23, 2010 and closed at KD0.124, up by 8.77 percent on its first trading day. Despite the higher market performance, market breadth was skewed towards decliners with 67 stocks declining against 55 advancing out of 146 shares traded this week. The market rose as the advancers were more on the large capitalization stocks.
Trading activity was mixed as interest was more on the smaller stocks at the beginning of the week. Weekly trading volume was up by 5.72 percent, reaching 862.72mn shares changing hands, at a total traded value of KD153.65mn (-22.25 percent compared to the week before). Trading volume was high on the Investment Sector, which accounted for 41.18 percent (355.29mn shares traded) of the total market volume as several investment companies managed to make it to the top volume traded list this week. Al-Ahlia Ho
lding Company was the most traded with 126.48mn shares changing hands. The scrip ended the week down by 8.33 percent, being one of the biggest losers for the week.
On the value side, the Services Sector saw the most value traded, accounting for 39.79 percent (KD61.14mn) of the overall market traded value. Zain continued to top the highest value traded shares, with KD30.39mn traded on its share. The largest stock in market cap in the Kuwaiti bourse, contributed to the market's gains this week, adding 1.32 percent to its value.
Looking at market sectors, it was mixed but overweighing the gainers side. The Services Index was the biggest advancer, up by 1.64 percent pushed by gains recorded in the large capitalization services stocks. The Real Estate Index followed, adding 1.47 percent to its value. Three of the real estate companies made it to the top five gainers list with Injazzat Real Estate Development Company coming on the lead, adding 32.88 percent to its share price. AlArgan International Real Estate Company and First Dubai
Real Estate Development Company were also prominent gainers, adding 23.81 percent and 20.31 percent respectively to their share prices. The banking sector also did well this week, adding 0.50 percent to its index which helped in lifting up the market index.
On the other hand, Global Investment Sector Index was the biggest loser, shedding 1.81 percent of its value. Aref Investment Group share price retreated the most, being down by 14.08 percent after announcing a KD41.72mn loss in its 9M results ending in September 2010.
Global's special indices had mixed closings. Global Large Cap (Top 10) index added 0.73 percent to its value while Global Small Cap (Low 10) Index lost 1.12 percent. Global Islamic Sharia Index was also down by 0.07 percent. Kuwait's M2 money supply growth decelerated to 1.8 percent at the end of November 2010, from 1.9 percent in the previous month, the Central Bank of Kuwait (CBK) data showed this week. However, MR growth reached 10.8 percent in November 2010 up from 9.9 percent recorded in October 2010.
Regarding the CBK foreign assets, the data showed that they grew to KD5.588bn in November from KD5.409bn in October and from KD5.27bn in November 2009.
The broad money supply maintained its growth last November by 0.9 percent compared to last October to hit KD25.4341bn, figures released by the Central Bank of Kuwait (CBK) showed. The private sector deposits at the local banks reached KD24.638bn last November with deposits in Kuwaiti dinar rising by 0.6 percent, while deposits in foreign currencies soared by 5 percent to hit KD2.1253bn. The same report said that the total local banks accounts in CBK in Kuwaiti dinar and represented by the CBK bonds remaine
d unchanged for the third consecutive month and amounted to some KD1.3bn last November.
It also said that the combined budgets of banks hit by the end of last November some KD41.606bn with a hike by 0.6 percent compared to the previous month, making clear that net foreign assets at the local banks soared by 0.5 percent to hit some KD43.232bn. Prospects for growth in Gulf Arab economies in 2011 have improved slightly from forecasts three months ago, a Reuters poll showed this week, as rising oil prices and generous government spending underpin economic recovery. The global downturn cut output
and froze credit in the world's top oil exporting region in 2009, limiting growth in the six Gulf countries this year. But rising crude prices and a pick-up in credit growth will support growth in 2011, according to the median forecasts of 16 economists polled between December 8-21. The economy of OPEC member Kuwait is forecast to grow 4.0 percent in 2011, up from a forecast of 3.9 percent in the September poll and up from 3.0 percent growth expected in 2010.
Oil Related News
Italy's Saipem SpA, a unit of Italian energy firm Eni, has signed a 1.4bn euro deal to develop Kuwait's Jurassic oilfield. The contract was signed between Saipem and Kuwait's Al-Kharafi Group, which has concession rights to extract, produce and process crude oil from the northern Kuwait oilfield. The field would be constructed within three years, then the Italian firm would manage it for five years, during which the field is expected to produce 150,000 barrels per day.
Kuwaiti crude rose by $1.82 per barrel during the last week as it settled at $88.54 on Wednesday, December 22, compared with Wednesday's closing of December 15, the Kuwait Petroleum Corporation (KPC) said. The increase of oil prices was caused by poor weather conditions in the northern part of the globe. Kuwait's exports to Japan fell 20.2 percent in November from a year earlier to JP68.21bn ($814.4mn), official data showed. The drop is the first in two months, the Finance Ministry said in a preliminary re
port. Imports from Japan plunged 46 percent to JPF8.67mn ($103.5mn), marking the third straight monthly fall. As Kuwaiti export prices to Japan far exceeded import prices, Kuwait posted a trade surplus with Japan for the 34th straight month in November at JP59.53bn ($710.7mn).
Other Local News
Kuwait Stock Exchange, the Arab world's second largest, is mulling launching an over-the-counter (OTC) market in 2011 mainly for troubled listed firms, its director said this week. "The management of the bourse will submit this proposal to the bourse committee in January 2011 and God willing it could be set up in 2011," Hamed Al-Saif, the director of Kuwait Stock Exchange (KSE) said. This market will be set up for companies that trade below 100fils per share, Saif said, adding that the bourse will filter t
he firms based on certain criteria including their financial results and core business. The Technical Committee in the Kuwait Stock Exchange (KSE) had decided to establish the "Trade Index" and implementation is expected soon alongside the General Index. The new index is in line with the bourse's plans for expansion and development. The index will include 15 companies initially across the market's sectors and will be reviewed every six months with the aim of incorporating new businesses or getting rid of o
thers if performance is deemed below average.
Chief Engineer of the Sewage Engineering Sector at the Ministry of Public Works, Mahmoud Karam said that KD611mn have been allocated within the State development plan for projects related to sewage network. He added that the number of projects at a cost of KD73mn are being implemented, and other projects as a cost of KD145mn will be floated through 11 tenders, in addition to a number of agreements at a cost of KD8mn. Kuwait Fund for Arab Economic Development (KFAED) announced the signing of KD3.7mn loan ag
reement with the Republic of Benin for a project to upgrade the roads network. KFAED made it clear that the signed agreement concerns a project that would support the economic and social development in the country, as well as fight poverty in the south western areas through improving the roads linking it to Cotonou. With this loan agreement signed, KFAED offered up till now 11 loans to the Republic of Benin, with a total of KD24.6mn.
With investments amounting in value to $2.8bn by October 31, 2010, Kuwait emerged as the second biggest Arab investor in Egypt, Egyptian Ambassador to Kuwait Taher Farahat said. Kuwaiti investment are mainly focused in the industrial and real estate sectors, he added.
New Listing
Real Estate Trade Centers Company (Marakez) got the listing approval from Kuwait Stock Exchange (KSE) and will start trading in the bourse on December 28, 2010 under the real estate sector. Marakez is a Kuwaiti shareholding company with a total paid-up capital of KD10.50mn. The company's main objective is to provide all services related to properties and real estate including owning, selling and purchasing of properties and lands and developing them for the Company's favor inside and outside Kuwait. Also,
property management of third party and Leasing and Marketing properties. The Company's performance for the financial year ended in December 31, 2009 resulted in net profit of KD1.20mn (11.43fils per share). However, for the nine months ending in September 30, 2010 the company recorded a net profit of KD1.61mn (15.35fils per share). With the listing of Marakez, the total number of listed companies under the regular market will become 214.
Kuwait Stock Exchange
The Central Bank of Kuwait (CBK) approved the request submitted by Global Investment House (Global) to extend offloading treasury shares for another six months, as of the approval's date on December 16, 2010. Global Capital Management Limited, the Alternative Asset Management subsidiary of Global Investment House, announced that Global Opportunistic Fund I (GOF I), one of the five private equity funds it manages, has completely exited its investment in DEPA Limited (Depa Group), one of the world's leading
interior contracting companies, which is listed on the Dubai Financial Market (DFM) and the Alternative Investment Market (AIM) in London. It is noteworthy that GOF I holds stakes in several other listed and unlisted investments in its portfolio, amounting to an aggregate value of $214mn (as of September 30, 2010). The fund is in exit mode and the fund manager aims to conclude exits by Q2 2012, which should ensure exit proceeds flow back to GOF I investors over the next eighteen months.
The Investment Dar said that it has finalized the membership of a reconstituted coordinating committee representing most of its creditors, following a fallout with the previous panel. Jordan International Bank, Arab Banking Corporation (ABC) Islamic Bank, Lloyds TSB and Al-Rajhi Bank were members of the panel until they resigned at the end of November.
Dar accused the previous committee of trying to derail restructuring talks and rejected what it felt was an unfair debt to equity swap. Dar said the new committee includes the four banks from the previous group, with the addition of two other lenders, the Islamic Development Bank and Bank of Bahrain and Kuwait (Kuwait Branch).
Al-Ahli Bank of Kuwait signed a $30mn credit line agreement with Abu Dhabi-based Arab Trade Financing Program (ATFP). Following the signing ceremony, ATFP Chief Jassem Al-Manai said the sum will be used in bankrolling Kuwait's foreign trade. He added that his program provides a credit line worth $10mn for Al-Ahli Bank of Kuwait's branch in Dubai, taking the total number of credit lines, including the fresh one, up to 35. Kuwait's national agencies have benefitted a total of $1.3bn from the ATFP's credit l
ines, he said.
Kuwait Commercial Markets Complex Company is conducting a feasibility study on merging five subsidiaries, well-informed sources stated. The move comes in line with the company's restructuring plan that focuses on divestitures, mergers and a potential bond issue.
Strategia Investment Company stated that talks with several shareholders interested in buying a controlling stake were still going. The company is receiving inquiries from several shareholders as regards the developments of its capital increase. Trading in the stock has been suspended on the stock since June 2010; the date on which subscription to the secondary shares had started. Trading will resume on the stock upon completing the capital topup. However, resuming trading during the capital increase will
negatively affect the negotiations and the stock may be undervalued.
Injazzat Real Estate Development Company signed on December 22, 2010, a contract of selling its floors in Al-Dhow Tower, Sharq, Kuwait for KD11.8mn. Accordingly, the KSE-listed company would generate KD3.4mn earnings, which will be reflected in Q4-2010 financial statements.
Kuwait Stock Exchange (KSE) announces that an auction will be held on Monday, December 27, 2010, to offload a total of 113,536,051shares, or 11.35 percent of First Dubai Real Estate Development Company's shares which will be initially priced at 46fils each, totaling KD5.22mn. The agreement was concluded between Kuwait Finance & Investment Company (KFIC) - customer account (Seller) and KFIC - customer account (Initial Buyer).
Moreover, and regarding the auction which was held on Tuesday, December 21, 2010, to offload a total of 100,487,335 shares, or 10.05 percent of First Dubai Real Estate Development Company shares at an initial price of 46fils each, totaling KD4.62mn, between Kuwait Finance & Investment Company (KFIC) -customer account (Seller) and KFIC - customer account (Initial Buyer), no higher bid was submitted for the auction. Accordingly, the sale procedures were completed with the initial buyer as planned.
Abyaar Real Estate Development Company is seeking to attract more investors to its potential development that would spread over 10 thousand sq ms in Jeddah, a well-informed source said. Syrian Parliament approved this week a draft law that would endorse a KD30mn loan agreement, signed by Kuwait, Syria and the Arab Fund for Economic and Social Development (AFESD), to finance building an electrical power plant in the Syrian eastern area of Dair AlZour. The project would provide for the increasing demands of
electricity in the eastern area and meet these rising loads by building a power plant connecting it with the local electricity network in order to alleviate electricity consumption levels.
The Egyptian Cabinet gave the go-ahead for Gulf Insurance Company (GIC) to buy a 42.5 percent equity in Egyptian for Takaful Insurance Company (Life). This move would lift the KSE- listed insurer's 17.5 percent direct and indirect stake in the Egyptian company by 42.5 percent to 60 percent. The target stake is divided as follows: 9.5 percent for Arab International Bank (AIB) and 8.25 percent for Soci�t� Arabe Internationale de Banque (SAIB), Baraka Bank, Islamic Trading Company and Cairo Cartoon each.
KUWAIT: Kuwait Stock Exchange (KSE) moved sideways all through the week as institutional investors stayed away from the market waiting for the court ruling regarding Al-Fawares lawsuit against the opening of the books of Zain to Etisalat.
During this time most of the trades were seen on medium to small sized companies. However, with the court ruling with Zain opening the books, a new positive feeling came along that the Zain-Etisalat deal is continuing pushing the trading and the market to higher levels.
Global's weighted General Index managed to add 0.48 percent to its value and closed at 221.59 point this week. On a year-to-date basis, the index gains reached 18.99 percent. On the other hand, Kuwait Stock Exchange (KSE) price index was also up, adding 28.70 points (0.42 percent) to its value as it closed at 6,881.9 point. Total market capitalization reached KD35.93bn with the newly listed Boubyan International Industries Holding Company adding KD37.20mn to the total market cap. The scrip got listed on Th
ursday, December 23, 2010 and closed at KD0.124, up by 8.77 percent on its first trading day. Despite the higher market performance, market breadth was skewed towards decliners with 67 stocks declining against 55 advancing out of 146 shares traded this week. The market rose as the advancers were more on the large capitalization stocks.
Trading activity was mixed as interest was more on the smaller stocks at the beginning of the week. Weekly trading volume was up by 5.72 percent, reaching 862.72mn shares changing hands, at a total traded value of KD153.65mn (-22.25 percent compared to the week before). Trading volume was high on the Investment Sector, which accounted for 41.18 percent (355.29mn shares traded) of the total market volume as several investment companies managed to make it to the top volume traded list this week. Al-Ahlia Ho
lding Company was the most traded with 126.48mn shares changing hands. The scrip ended the week down by 8.33 percent, being one of the biggest losers for the week.
On the value side, the Services Sector saw the most value traded, accounting for 39.79 percent (KD61.14mn) of the overall market traded value. Zain continued to top the highest value traded shares, with KD30.39mn traded on its share. The largest stock in market cap in the Kuwaiti bourse, contributed to the market's gains this week, adding 1.32 percent to its value.
Looking at market sectors, it was mixed but overweighing the gainers side. The Services Index was the biggest advancer, up by 1.64 percent pushed by gains recorded in the large capitalization services stocks. The Real Estate Index followed, adding 1.47 percent to its value. Three of the real estate companies made it to the top five gainers list with Injazzat Real Estate Development Company coming on the lead, adding 32.88 percent to its share price. AlArgan International Real Estate Company and First Dubai
Real Estate Development Company were also prominent gainers, adding 23.81 percent and 20.31 percent respectively to their share prices. The banking sector also did well this week, adding 0.50 percent to its index which helped in lifting up the market index.
On the other hand, Global Investment Sector Index was the biggest loser, shedding 1.81 percent of its value. Aref Investment Group share price retreated the most, being down by 14.08 percent after announcing a KD41.72mn loss in its 9M results ending in September 2010.
Global's special indices had mixed closings. Global Large Cap (Top 10) index added 0.73 percent to its value while Global Small Cap (Low 10) Index lost 1.12 percent. Global Islamic Sharia Index was also down by 0.07 percent. Kuwait's M2 money supply growth decelerated to 1.8 percent at the end of November 2010, from 1.9 percent in the previous month, the Central Bank of Kuwait (CBK) data showed this week. However, MR growth reached 10.8 percent in November 2010 up from 9.9 percent recorded in October 2010.
Regarding the CBK foreign assets, the data showed that they grew to KD5.588bn in November from KD5.409bn in October and from KD5.27bn in November 2009.
The broad money supply maintained its growth last November by 0.9 percent compared to last October to hit KD25.4341bn, figures released by the Central Bank of Kuwait (CBK) showed. The private sector deposits at the local banks reached KD24.638bn last November with deposits in Kuwaiti dinar rising by 0.6 percent, while deposits in foreign currencies soared by 5 percent to hit KD2.1253bn. The same report said that the total local banks accounts in CBK in Kuwaiti dinar and represented by the CBK bonds remaine
d unchanged for the third consecutive month and amounted to some KD1.3bn last November.
It also said that the combined budgets of banks hit by the end of last November some KD41.606bn with a hike by 0.6 percent compared to the previous month, making clear that net foreign assets at the local banks soared by 0.5 percent to hit some KD43.232bn. Prospects for growth in Gulf Arab economies in 2011 have improved slightly from forecasts three months ago, a Reuters poll showed this week, as rising oil prices and generous government spending underpin economic recovery. The global downturn cut output
and froze credit in the world's top oil exporting region in 2009, limiting growth in the six Gulf countries this year. But rising crude prices and a pick-up in credit growth will support growth in 2011, according to the median forecasts of 16 economists polled between December 8-21. The economy of OPEC member Kuwait is forecast to grow 4.0 percent in 2011, up from a forecast of 3.9 percent in the September poll and up from 3.0 percent growth expected in 2010.
Oil Related News
Italy's Saipem SpA, a unit of Italian energy firm Eni, has signed a 1.4bn euro deal to develop Kuwait's Jurassic oilfield. The contract was signed between Saipem and Kuwait's Al-Kharafi Group, which has concession rights to extract, produce and process crude oil from the northern Kuwait oilfield. The field would be constructed within three years, then the Italian firm would manage it for five years, during which the field is expected to produce 150,000 barrels per day.
Kuwaiti crude rose by $1.82 per barrel during the last week as it settled at $88.54 on Wednesday, December 22, compared with Wednesday's closing of December 15, the Kuwait Petroleum Corporation (KPC) said. The increase of oil prices was caused by poor weather conditions in the northern part of the globe. Kuwait's exports to Japan fell 20.2 percent in November from a year earlier to JP68.21bn ($814.4mn), official data showed. The drop is the first in two months, the Finance Ministry said in a preliminary re
port. Imports from Japan plunged 46 percent to JPF8.67mn ($103.5mn), marking the third straight monthly fall. As Kuwaiti export prices to Japan far exceeded import prices, Kuwait posted a trade surplus with Japan for the 34th straight month in November at JP59.53bn ($710.7mn).
Other Local News
Kuwait Stock Exchange, the Arab world's second largest, is mulling launching an over-the-counter (OTC) market in 2011 mainly for troubled listed firms, its director said this week. "The management of the bourse will submit this proposal to the bourse committee in January 2011 and God willing it could be set up in 2011," Hamed Al-Saif, the director of Kuwait Stock Exchange (KSE) said. This market will be set up for companies that trade below 100fils per share, Saif said, adding that the bourse will filter t
he firms based on certain criteria including their financial results and core business. The Technical Committee in the Kuwait Stock Exchange (KSE) had decided to establish the "Trade Index" and implementation is expected soon alongside the General Index. The new index is in line with the bourse's plans for expansion and development. The index will include 15 companies initially across the market's sectors and will be reviewed every six months with the aim of incorporating new businesses or getting rid of o
thers if performance is deemed below average.
Chief Engineer of the Sewage Engineering Sector at the Ministry of Public Works, Mahmoud Karam said that KD611mn have been allocated within the State development plan for projects related to sewage network. He added that the number of projects at a cost of KD73mn are being implemented, and other projects as a cost of KD145mn will be floated through 11 tenders, in addition to a number of agreements at a cost of KD8mn. Kuwait Fund for Arab Economic Development (KFAED) announced the signing of KD3.7mn loan ag
reement with the Republic of Benin for a project to upgrade the roads network. KFAED made it clear that the signed agreement concerns a project that would support the economic and social development in the country, as well as fight poverty in the south western areas through improving the roads linking it to Cotonou. With this loan agreement signed, KFAED offered up till now 11 loans to the Republic of Benin, with a total of KD24.6mn.
With investments amounting in value to $2.8bn by October 31, 2010, Kuwait emerged as the second biggest Arab investor in Egypt, Egyptian Ambassador to Kuwait Taher Farahat said. Kuwaiti investment are mainly focused in the industrial and real estate sectors, he added.
New Listing
Real Estate Trade Centers Company (Marakez) got the listing approval from Kuwait Stock Exchange (KSE) and will start trading in the bourse on December 28, 2010 under the real estate sector. Marakez is a Kuwaiti shareholding company with a total paid-up capital of KD10.50mn. The company's main objective is to provide all services related to properties and real estate including owning, selling and purchasing of properties and lands and developing them for the Company's favor inside and outside Kuwait. Also,
property management of third party and Leasing and Marketing properties. The Company's performance for the financial year ended in December 31, 2009 resulted in net profit of KD1.20mn (11.43fils per share). However, for the nine months ending in September 30, 2010 the company recorded a net profit of KD1.61mn (15.35fils per share). With the listing of Marakez, the total number of listed companies under the regular market will become 214.
Kuwait Stock Exchange
The Central Bank of Kuwait (CBK) approved the request submitted by Global Investment House (Global) to extend offloading treasury shares for another six months, as of the approval's date on December 16, 2010. Global Capital Management Limited, the Alternative Asset Management subsidiary of Global Investment House, announced that Global Opportunistic Fund I (GOF I), one of the five private equity funds it manages, has completely exited its investment in DEPA Limited (Depa Group), one of the world's leading
interior contracting companies, which is listed on the Dubai Financial Market (DFM) and the Alternative Investment Market (AIM) in London. It is noteworthy that GOF I holds stakes in several other listed and unlisted investments in its portfolio, amounting to an aggregate value of $214mn (as of September 30, 2010). The fund is in exit mode and the fund manager aims to conclude exits by Q2 2012, which should ensure exit proceeds flow back to GOF I investors over the next eighteen months.
The Investment Dar said that it has finalized the membership of a reconstituted coordinating committee representing most of its creditors, following a fallout with the previous panel. Jordan International Bank, Arab Banking Corporation (ABC) Islamic Bank, Lloyds TSB and Al-Rajhi Bank were members of the panel until they resigned at the end of November.
Dar accused the previous committee of trying to derail restructuring talks and rejected what it felt was an unfair debt to equity swap. Dar said the new committee includes the four banks from the previous group, with the addition of two other lenders, the Islamic Development Bank and Bank of Bahrain and Kuwait (Kuwait Branch).
Al-Ahli Bank of Kuwait signed a $30mn credit line agreement with Abu Dhabi-based Arab Trade Financing Program (ATFP). Following the signing ceremony, ATFP Chief Jassem Al-Manai said the sum will be used in bankrolling Kuwait's foreign trade. He added that his program provides a credit line worth $10mn for Al-Ahli Bank of Kuwait's branch in Dubai, taking the total number of credit lines, including the fresh one, up to 35. Kuwait's national agencies have benefitted a total of $1.3bn from the ATFP's credit l
ines, he said.
Kuwait Commercial Markets Complex Company is conducting a feasibility study on merging five subsidiaries, well-informed sources stated. The move comes in line with the company's restructuring plan that focuses on divestitures, mergers and a potential bond issue.
Strategia Investment Company stated that talks with several shareholders interested in buying a controlling stake were still going. The company is receiving inquiries from several shareholders as regards the developments of its capital increase. Trading in the stock has been suspended on the stock since June 2010; the date on which subscription to the secondary shares had started. Trading will resume on the stock upon completing the capital topup. However, resuming trading during the capital increase will
negatively affect the negotiations and the stock may be undervalued.
Injazzat Real Estate Development Company signed on December 22, 2010, a contract of selling its floors in Al-Dhow Tower, Sharq, Kuwait for KD11.8mn. Accordingly, the KSE-listed company would generate KD3.4mn earnings, which will be reflected in Q4-2010 financial statements.
Kuwait Stock Exchange (KSE) announces that an auction will be held on Monday, December 27, 2010, to offload a total of 113,536,051shares, or 11.35 percent of First Dubai Real Estate Development Company's shares which will be initially priced at 46fils each, totaling KD5.22mn. The agreement was concluded between Kuwait Finance & Investment Company (KFIC) - customer account (Seller) and KFIC - customer account (Initial Buyer).
Moreover, and regarding the auction which was held on Tuesday, December 21, 2010, to offload a total of 100,487,335 shares, or 10.05 percent of First Dubai Real Estate Development Company shares at an initial price of 46fils each, totaling KD4.62mn, between Kuwait Finance & Investment Company (KFIC) -customer account (Seller) and KFIC - customer account (Initial Buyer), no higher bid was submitted for the auction. Accordingly, the sale procedures were completed with the initial buyer as planned.
Abyaar Real Estate Development Company is seeking to attract more investors to its potential development that would spread over 10 thousand sq ms in Jeddah, a well-informed source said. Syrian Parliament approved this week a draft law that would endorse a KD30mn loan agreement, signed by Kuwait, Syria and the Arab Fund for Economic and Social Development (AFESD), to finance building an electrical power plant in the Syrian eastern area of Dair AlZour. The project would provide for the increasing demands of
electricity in the eastern area and meet these rising loads by building a power plant connecting it with the local electricity network in order to alleviate electricity consumption levels.
The Egyptian Cabinet gave the go-ahead for Gulf Insurance Company (GIC) to buy a 42.5 percent equity in Egyptian for Takaful Insurance Company (Life). This move would lift the KSE- listed insurer's 17.5 percent direct and indirect stake in the Egyptian company by 42.5 percent to 60 percent. The target stake is divided as follows: 9.5 percent for Arab International Bank (AIB) and 8.25 percent for Soci�t� Arabe Internationale de Banque (SAIB), Baraka Bank, Islamic Trading Company and Cairo Cartoon each.
© Kuwait Times 2010
