Friday, Mar 31, 2006
Compiled from staff and agency reports
Muscat: Shareholders of Renaissance Services, at an Extraordinary General Meeting (EGM) on Wednesday, approved a stock split of 1:10 in which the nominal value of the share has changed from one Omani riyal to 100 baisas. "This move is expected to improve the liquidity of the share in making the stock more accessible to retail investors," said a spokesperson of the company in a press release here on Wednesday.
Al Manal signs contracting deal
Dubai: Al Manal Development signed a Dh230 million deal with Al Liwan Contracting for the construction of The Lakeside Residence, a 35-storey residential tower in the Jumeirah Lakes Towers. Al Manal Development Chairman Juma Ahmad Majid Al Ghurair and Al Liwan Contracting Managing Partner Adib Ataya signed the contract. "We wanted a partner that will help us realise our vision for The Lakeside Residence for it to be a landmark," Al Ghurair said.
NCS Group opens Mideast branch
Manama: NCS Group, an IT and communications engineering services provider in the Asia Pacific and Middle East regions, has opened in Bahrain its Middle East office which it use as the launchpad of its operations in the region. The launch event was attended by Dr Lee Boon Yang, Singapore's Minister for Information, Communications and the Arts, and NCS's key Bahrain partners Xpand Advisory and DTZ Bahrain.
Aseer sees 14.5% rise in net profit
Riyadh: Saudi trade and tourism firm Aseer expects its net profit for the first quarter of this year to reach 75 million riyals ($20 million), up 14.5 per cent from the same 2005 period. The firm said in a statement issued late on Wednesday that its net profit in the first quarter of 2005 was 65.5 million riyals.
Morocco: Credit du Maroc net jumps 22%
Rabat: Credit du Maroc (CDM), Credit Agricole's subsidiary in Morocco, reported 2005 net profit of 273 million Moroccan dirhams ($29.88 million) yesterday, up 22 per cent from a year earlier. Operating profit climbed 36 per cent to 382 million dirhams while revenues gained 7 per cent to 1.225 billion dirhams.
Gulf News 2006. All rights reserved.
