EFG Hermes plays key role in Borouge’s $2bln ADX listing
EFG Hermes, a leading investment bank franchise in Frontier Emerging Markets (FEM), has announced that its investment banking division successfully concluded its role as joint bookrunner on Borouge’s $2 billion initial public offering (IPO) on the Abu Dhabi Securities Exchange (ADX). The transaction marks the largest-ever listing in Abu Dhabi’s history since Adnoc Drilling’s $1.1 […]
Abu Dhabi-listed Fujairah Cement Industries gets nod to withdraw from Boursa Kuwait
UAE-based producer Fujairah Cement Industries is marking its last day of trading on Boursa Kuwait today. The company has already obtained the approval of Capital Market Authority-Kuwait for the voluntary withdrawal of its shares from the Kuwaiti stock market, according to a disclosure on the Abu Dhabi Securities Exchange (ADX). “November 30, 2022 will be […]
Abu Dhabi’s ADNOC Drilling signs deal to acquire two offshore drilling units
ADNOC Drilling, a subsidiary of Abu Dhabi National Oil Company (ADNOC), is acquiring two more premium offshore jack-up drilling units, to boost its oil production capacity and meet growing demand, the company said on Monday. The company has just signed a sale and purchase agreement (SPA) for the drilling unit expansion, which is part of […]
Utico plans share buyback ahead of IPO
Utico, a UAE’s utility firm, plans a share buyback ahead of its initial public offering (IPO) and stock market listing later this year. The privately-owned firm is in talks with six banks for the IPO and listing. “As part of the IPO preparations, shareholding changes are underway where consolidation is ongoing,” said Richard Menezes, […]
Top Dubai DFM-listed firms to be part of London investor roadshow
Top Dubai Financial Market (DFM)-listed companies, including the new entrant Dubai Electricity and Water Authority (DEWA), are set to be part of a London investor roadshow next month amid measures by the exchange to revive itself. The DFM plans to organize its annual 2022 International Investors Roadshow on 9th and 10th June 2022, in collaboration […]
Kanoo Group prepares for foreign listing
Yusuf Bin Ahmed Kanoo Group board chairman Khalid Mohammed Kanoo said efforts are underway to carry out internal organisation in preparation for listing about 40pc of the company’s shares for public subscription on international stock exchanges such as England, Dubai and Abu Dhabi, in addition to the Bahrain Stock Exchange. The move follows a […]
Dubai’s ASNIC says major shareholder considering sale
Dubai-based Al Sagr National Insurance Company (ASNIC) has announced that a major shareholder is considering selling its stake in the company. In a statement to the Dubai Financial Market (DFM), the company said it had received a letter from a major shareholder about the potential sale of its 47.078 percent stake. The company said it […]
Emirates NBD REIT’s 2021 net income drops 18% to $9.5mln
The net rental income of ENBD REIT, the Shariah-compliant real estate investment trust managed by Emirates NBD Asset Management Ltd., fell by nearly 18 percent to $9.5 million for the full year of 2021. The company attributed the drop in net income to a 15 percent drop in gross income due mainly to the renegotiation of […]
Dubai’s Drake & Scull swings to $14mln Q1 net loss
based contractor Drake & Scull International (DSI) said on Monday it swung to a Q1 2022 loss, attributable to shareholders, of 52 million dirhams ($14 million) versus a profit of 115.4 million dirhams in the year-ago period. Revenue for the period dropped to 23.9 million dirhams from 45.9 million dirhams in the year-ago quarter. In […]
Nasdaq-listed Anghami’s revenues hit $35.5mln in 2021
Anghami, the first Arab tech company listed on Nasdaq, has generated total revenues of $35.5 million in 2021, up 16% year-on-year (YoY). The Abu Dhabi-headquartered company’s subscription revenues amounted to $25.7 million last year, while the advertising revenues rose by 70% YoY to $9.8 million, according to a press release on Wednesday. In the […]