Sony to decide on Zee merger
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Maersk and Hapag-Lloyd ink deal
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EDGE, Baykar collaborate
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Cisco buys Splunk for US$28bn
Splunk is a software platform that uses AI to identify malware.
- Cisco will pay a premium of $157 per share, up from the $120 Splunk traded at before the announcement.
- According to the company's website, Splunk was founded in 2003 and holds over 1,100 patents.
Business
Securiguard Middle East renews contract
Firm won $109 million contract extending over four years.
- The contract can be extended for an additional two years in the event of satisfactory service.
- The firm will deploy a team of over 2,000 experienced and qualified guards across Abu Dhabi.
Business
MODON inks $133 m pact
The pact will help manufacture vaccines in Saudi Arabia.
- MODON and Vaccine Industrial Company will set up a joint venture factory in Sadeer City to strengthen the pharmaceutical security system.
- It is in line with MODON's strategy to create an integrated industrial and investment community to attract national and foreign investor partners.
Business
Aramco, Cenomi see 4 negotiated deals
The $32.81 million deals were registered by Tadawul.
- A negotiated deal involves a stock purchase based on a bargain between buyers and sellers, apart from the market price.
- The negotiated deal does not directly impact the last deal price, highest/lowest stock price and opening/closing price.
Business
stc’s acquisition of Telefonica stake okayed
Spain's Securities Market Regulatory Authority cleared the deal.
- Morgan Stanley, which advises on the deal from the buyer's side, accumulated a little less than 3 percent of Telefonica’s capital during an unspecified period of time.
- Media reports said that stc announced recently it acquired a 9.9 percent stake in Telefonica for SAR 8.5 billion (2.1 billion euros).
Business
DAE closes $1.6 billion loan
DAE said this is the company's largest ever loan facility.
- The facility enabled DAE to tap the Islamic banking liquidity and consolidate its existing banking relationships in the Middle East, Asia, North America, and Europe, it said.
- Proceeds from the facilities will support the future financing needs of the business and refinance a maturing credit facility.
Business
EIH buys stake in Al Ain Pharmacy
Move aligns with EIH's aim to diversify sources of investment.
- The acquisition is vital for EIH as it seeks to strengthen its investment in healthcare through its subsidiary Health Plus Holding.
- The move will help provide additional and sustainable value to investors and achieve the maximum return on investment.
Business
BFB, The Family Office sign partnership
Bahrain FinTech Bay is a fintech ecosystem builder.
- BFB said that it will also explore the development of innovative digital investment solutions aligned with market trends.
- Bader Sater, CEO of Bahrain FinTech Bay. "Our combined strengths will lead to the creation of cutting-edge digital investment offerings that cater to the market's evolving needs."
Business
Chimera launches Lunate
Lunate has more than $50bn in Assets Under Management.
- With a focus on private markets, Lunate is an independent entity owned by Chimera Investment and Lunate’s senior management.
- Lunate, which will be based in Abu Dhabi Global Market, has signed long-term Separate Managed Accounts (SMAs) with multiple clients.
Business
Lumi IPO 11.5 times oversubscribed
The daylong retail offering saw 124,900 investors subscribe.
- The number of shares allocated to retail investors reached 1.65 million, representing 10 percent of the total IPO shares.
- Lumi floated 16.5 million shares, or 30 percent of its SAR 550 million capital, divided into 55 million shares, on Tadawul.
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Sony to decide on Zee merger
Business
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Maersk and Hapag-Lloyd ink deal
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EDGE, Baykar collaborate
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Shares in India’s Paytm dive 20%
Banking arm asked to stop accepting fresh deposits.
Borouge full-year net profit $1bn
The firm posted third consecutive rise in quarterly earnings.
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CBD posts record net profit of $721m
The bank has proposed record cash dividend of 44.38 fils per share.
- Operating income was AED 4.93 billion, up 29.5 percent attributable to higher net interest income and improved fee and commission income.
- The bank proposed record cash dividend of 44.38 fils per share. It added that higher market interest rates contributed to the increase in revenue.
Business
TECOM Group net profit up 49%
The company recorded its highest-ever revenue of AED 2.2 billion.
- The lease of industrial lands witnessed a strong demand in 2023, as the occupancy rate rose to 94 percent, compared to 81 percent in 2022.
- The company has recommended a dividend payout of AED400 million to the company's shareholders for the second half of 2023.
Business
UPS says will cut 12,000 jobs
The move comes as UPS seeks to "align" its resources.
- Three-quarters of the reductions are set to come in the first half, UPS CEO said.
- The decision comes after UPS reported Q4 2023 revenues of US$24.9 billion.