Business
Al Salam Bank buys back shares
The bank has bought 320,664 shares on DFM and Bahrain Bourse.
- The bank has bought 320,664 shares on Dubai Financial Market and Bahrain Bourse
- The move increases the total holding of treasury shares from 110,779,910 to 111,100,574
Business
NBF starts e-trading platform
NBFX will help customers digitally hedge their treasury requirements.
- The new platform is available for both conventional and Shariah-compliant banking customers on a 24/5 basis
- Customers will be able to execute transactions during and beyond the bank’s working hours and benefit from liquidity across all time zones
Business
$6bn merger for Ooredoo arm
The merged company will be called PT Indosat Ooredoo Hutchison.
- PT Indosat, the Indonesian arm of Qatari telecom firm Ooredoo, will be merged with and PT Hutchison 3 Indonesia
- H3I is a telecom company owned by Hong Kong-based CK Hutchison Holdings
Business
Adnoc eyes 2GW hydrogen growth
Adnoc has inked deals with British Petroleum and Masdar for this.
- Under the terms of the agreements, Adnoc, BP, and Masdar will on UK and UAE clean hydrogen hub development
- This development will be at an initial scale of 1GW in the UAE and 1GW in the UK
Business
Apple, Google ‘chokepoint’ row
The companies face outrage after pulling a Russian opposition app.
- The companies face outrage after pulling a Russian opposition voting app
- The case has resonated in particular because it touches on something deeply personal
Business
ADQ to acquire pharma firm
ADQ will acquire Swiss firm Acino from its current shareholders.
- Switzerland-based Acino is known as a provider of pharmaceuticals
- Its markets include the Middle East, Africa, Latin America, Russia, Ukraine, and the CIS Region
Business
Solutions by STC prices IPO at top range
The IPO order book 130 times oversubscribed during the book-building process.
- The company is set to raise $960m, pricing IPO at 151 riyals per share.
- The individual investors tranche subscription process will commence on Sunday and ends on Tuesday.
Business
Al Salam Bank buys back shares
The Bahrain’s bank has bought back around 445,000 treasury shares.
- The bank buys back 445,000 treasury shares on the Dubai Financial Market (DFM) and the Bahrain Bourse
- The move raises the total holding of the bank’s treasury shares from 109,475,000 to 109,920,000, which is 4.543% of the issued share capital.
Powerbar Gulf, parent selling for $1.8bn
Vertiv Holdings Company is making the buy via its subsidiaries.
- The deal includes upfront consideration and the potential for $200 million in cash, based on achieving 2022 profit milestones
- The upfront consideration consists of $1.17 billion in cash and approximately $630 million of Vertiv’s common stock
Business
Instagram to curb mental harm
Instagram has worked to address problems of bullying, suicide
- Instagram is now exploring ways to understand what kinds of posts make viewers feel bad in comparison and then "nudge" people to content more likely to make them feel good
- Social media giant is making a version of the social network for children 13 years old or younger, a move opposed by child safety advocates
Company News
Sipchem to pay 12.5% H1 dividend
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EIH acquires stake in 9Yards Comm
The acquisition aims to broaden EIH's investment portfolio.
Business
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Business
ADCB prices $650m green bond
The bond will be used to finance eligible green assets.
- It was 2.9 times oversubscribed, attracting interest from a range of local, regional and international investors that placed total orders of over $1.9 billion.
- As of 30th June 2023, ADCB’s eligible green loan portfolio had experienced notable year-on-year growth of 61 percent, reaching $1.65 billion, he said.
Business
L’Occitane shares nosedive
Shares dropped 29% after talks on taking the firm private called off.
- The firm, headquartered in Luxembourg and Geneva, said last month it was considering a possible take-private deal with an offer price of no less than HK$26 ($3.30) per share.
- The group's portfolio includes L'Occitane en Provence, French beauty brand Melvita, Korean skincare line Erborian, and Elemis, a British care product brand
Business
Arm seeks $52bn valuation
Arm is a world leader in designing chips that are used in smartphones.
- Arm's IPO is being closely watched by the financial markets, with large tech IPOs something of a rarity in recent months.
- Tech giants including Nvidia, Apple, Samsung Electronics and Intel are interested in investing in Arm once the company is listed.