Dana Gas said its board will meet on November 22 in the Kurdistan region of Iraq to discuss refinancing its Sharia-compliant bond
Dana Gas, a fuel producer with most of its output coming from Egypt, said its board will meet on November 22 in the Kurdistan region of Iraq to discuss refinancing its Sharia-compliant bond. The company will discuss the status of its current projects in the UAE, Egypt and Kurdistan, and future business opportunities, according to a statement on the Abu Dhabi securities exchange. Dana Gas's $1 billion (Dh3.7 billion) sukuk matures in October 2012. The yield on the 7.5 per cent security jumped seven basis points to 21.6 per cent, according to Bloomberg.
Oman Cement
Oman Cement dropped to the lowest level since April 2009 after bankers said MSCI will remove the company from its frontier market index. The shares declined 3.4 per cent to 0.430 riyal at 12.20pm in Muscat. The benchmark MSM30 Index rose 0.2 per cent. Manuel Rensink, MSCI's head of Middle East and North Africa, declined to comment when contacted by Bloomberg News after two bankers familiar with the changes revealed the decision. The bankers declined to be identified because the information has only been provided to MSCI's clients.
Galfar
Galfar Engineering & Contracting surged the most in more than two weeks after receiving a letter of intent from the Omani government for a 29.7 million riyal (Dh283 million) project. The shares advanced 2.9 per cent, the biggest intraday gain since October 30, to 0.352 riyal at 11.18am in Muscat. The benchmark MSM30 Index rose 0.3 per cent.
Shuaa
Shuaa Capital posted a Dh156.2 million loss in the third quarter after a profit of Dh200,000 in the year-ago period, according to an e-mailed statement. Revenue amounted to Dh30.6 million before net losses on investments in Shuaa managed funds, it said.
Orion Partners
Hong Kong-based alternative asset management firm Orion Partners said it will act as manager of Bahrain Middle East Bank, or BMB's new $50 million China-focused private equity fund. The fund, which will be set up in collaboration with Orion, will target investors from the GCC, Orion said on its Bahrain bourse website. This strategic partnership gives BMB investors an opportunity to access China, Akbar Habib, BMB's chief executive, said in the statement. "Even though China will be the world's largest economy by the end of this decade, less than 12 per cent of GCC foreign assets are in Asia, and even less in China. Together with Orion, we will help our clients diversify and provide unique access to the consumer sector -- the fastest growing segment in China's booming economy," he added.
ExxonMobil
ExxonMobil's controversial deal to explore oil in Iraq's Kurdish region will undoubtedly change the politics of the industry in a positive way, John Gerstenlauer, chief operating officer for Gulf Keystone Petroleum, said. Exxon Mobil last week became the first of the major international oil companies to enter Kurdistan. The move has prompted threats from the Baghdad government, which has long said contracts between the Kurdish government and oil companies are invalid, and that ExxonMobil could lose its licences in southern Iraq if proceeds with the deal. ExxonMobil's entry into the region shows that the industry has confidence that oil contracts with the Kurdish government will be honoured, despite Baghdad's protests, said Gerstenlauer.
Renaissance
Renaissance Services, an Oman-based provider of services to the oil and gas industry, plans to sell bonds, deferring the need to offer shares in a unit. The company plans to appoint a bank to manage the sale in the next two weeks, Chief Financial Officer Vishal Goenka said. "The money can go to any of our businesses, so we can grow them before any IPO." Renaissance, which this week reported a drop in profits, pulled an initial public offering of its Topaz Group unit in March. It removed management and cut jobs at Topaz in August after uncovering financial fraud. "We need to stabilise the company after the events of the past six months," Goenka said.
-- Compiled from staff reports
© Gulf News 2011
