Apr 08 2011 |
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Zain signs deal to sell its Saudi stake
Mobile Telecommunications Co ( Zain ) said it had signed a non-binding term sheet with Bahrain's Batelco and Saudi Kingdom HoldingMobile Telecommunications Co ( Zain ) said it had signed a non-binding term sheet with Bahrain's Batelco and Saudi Kingdom Holding to sell its 25 per cent stake in its Saudi operations. "The non-binding term sheet was signed yesterday with a consortium of Bahrain's Batelco and Saudi's Kingdom Holding ," the telco said in a statement on the Kuwaiti bourse website. "All the terms and the conditions of the term sheet are the same to the ones that Zain set before. The signing of the non-binding term sheet is to clarify the details of the offer only," Zain added. Batelco said that the next phase will involve getting the approval of the relevant parties in the deal.
Emaar
Emaar Properties PJSC, the builder of the world's tallest tower in Dubai, gained for the first time in five sessions after Deutsche Bank AG said the company isn't likely to face litigation in Egypt over its land bank. The shares closed 1.3 per cent higher in Dubai trading at Dh3.20. Emaar has a market value of Dh19.5 billion.
Barwa
Barwa Real Estate
, Qatar's largest listed property developer, has laid off around 70 of its employees, nearly 12 per cent of the company's original staff of about 600, as its newly-appointed chief executive officer looks to restructure the group, two people familiar with the matter said yesterday.
Barwa
's new CEO Mohammad Asad Al Emadi "has come in and he's a new guy and it looks as though he is taking a forensic approach," said one person familiar with situation, who didn't wish be named. Shares in
Barwa
closed down 0.4 per cent at 35.40 Qatari riyals on the Doha bourse in a broadly positive overall market.
Umer Sultan joined Intesa Sanpaolo in Dubai as head of origination and structured loans for the Middle East, he said yesterday in a telephone interview. He joins the company from WestLB AG in London where he worked for three years.
Lamprell
Lamprell Plc, an oil and gas rig builder active in the Middle East, said it offered about 1.8 billion Norwegian crowns ($332 million) for the UAE's Maritime Industrial Services Co. Lamprell offered 38 crowns per Maritime share in a bid for the whole company, the Douglas, Isle of Man-based company said yesterday in a statement. It offered a 19 per cent premium to yesterday closing price, and 28 per cent more than the Dubai-based company's share price as of March 31, before it disclosed talks with a third party on April 4. Maritime jumped as much as 12 per cent to 35.7 crowns and was up 5 per cent to 33.5 crowns at 12:04pm in Oslo.
© Gulf News 2011
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