Markets in UAE, Egypt: Top deals of the day

March 12, 2017 3:41 pm

Markets in UAE, Egypt: Top deals of the day

* Shuaa Capital to acquire Integrated Capital and Integrated Securities

* RAKBANK to approve increase in medium-term notes issue amount

* EFG Hermes says unit completes acquisition of 51 per cent stake in IFSL

* Mubadala completes deal to take 20 per cent stake in its parent

 

Dubai and Abu Dhabi markets:

Shuaa Capital to acquire Integrated Capital and Integrated Securities

Dubai-listed Shuaa Capital says it will acquire Integrated Capital and Integrated Securities from Integrated Financial Group, pending due diligence and regulatory approval.

Headquartered in Abu Dhabi, Integrated Securities specialises in equities listed on Abu Dhabi Securities Exchange and Dubai Financial Market; it has over 3,000 retail and institutional clients, Shuaa said.

Integrated Financial Group is managed and controlled by Abu Dhabi Financial Group, which bought bought 48.36 per cent stake in Shuaa in November last year.

Shuaa gave no financial details of acquisition of Integrated Capital and Integrated Securities but said deal expected to close in coming weeks.

Shares in Dubai’s Shuaa Capital jumped 11.7 per cent to AED1.82 following the announcement.

 

Investcorp says Mubadala completes deal to take 20 per cent stake in its parent

Mubadala Development has completed second step of transaction to acquire 20 per cent stake in Investcorp’s parent Investcorp Bank following receipt of required regulatory approvals.

 

RAKBANK calls AGM to approve increase in medium-term notes issue amount

Abu Dhabi-listed National Bank of Ras Al Khaimah calls annual general meeting (AGM) on April 5 to approve proposal to distribute cash dividend of AED0.30 per share for rthe financial year (FY) 2016 and to approve increase in amount of medium-term notes the bank can issue to $1.5 billion from the current limit of $1bn.

 

Sharjah Insurance to call AGM on March 27 to discuss FY dividend proposal

Abu Dhabi-listed Sharjah Insurance Co will call AGM on March 27 to discuss board proposal of a seven per cent cash dividend for FY 2016

 

Al Ramz Corporation convenes AGM to discuss FY dividend proposal

Dubai-listed Al Ramz Corporation Investment And Development will convene AGM on April 12 to discuss a five per cent cash dividend proposal for FY 2016

 

Finance House approves FY dividend of six per cent

Abu Dhabi Exchange says that Finance House has approved a cash dividend of six per cent for 2016.

 

Sharjah Islamic Bank shareholders approve capital increase

Abu Dhabi-listed Sharjah Islamic Bank’s shareholders have approved proposed capital increase to AED2.67bn from AED2.43bn.

 

Egypt market:

Cleopatra Hospital FY profit rises

Cleopatra Hospital reports a consolidated net profit of EGP89.4 million for the FY2016. It compares with EGP68.9m year ago. Consolidated revenue was EGP864.4m versus EGP411.5m in 2015.

 

Kahira Pharmaceuticals sees 2017-18 profit of EGP88.5m

Kahira Pharmaceuticals and Chemical Industries Co says it sees 2017-18 net profit to be EGP 88.5m and a revenue of EGP873.4m.

 

Egypt’s Porto Group says EGM approves issued capital increase

Porto Group Holding says an extraordinary general meeting (EGM) has approved an increase in issued capital to EGP501.5m from EGP456m through bonus shares.

 

Brothers Solidarity For Real Estate Investment FY profit rises

Brothers Solidarity for Real Estate Investment and Food Security reports a net profit of EGP227,992 for the financial year 2016. It compares with EGP227,842 year ago. FY revenue was EGP3.6m versus EGP3.6m year ago.

 

Saudi Egyptian Investment and Finance OGM approves FY dividend of EGP2/share

Saudi Egyptian Investment And Finance Co’s ordinary general meeting (OGM) approves a cash dividend of EGP2 per share for year 2016.

 

Egypt’s Mena for Touristic and Real Estate Investment FY consolidated profit falls

Mena for Touristic and Real Estate Investment Co has reported a consolidated net profit of EGP25.3m versus EGP27.4m a year ago. Revenue was EGP84.5m compared to EGP87.1m in 2015.

 

Egypt’s International Business Corp FY profit falls

International Business Corporation for Trading Commercial Agencies’ net profit for FY2016 slipped to EGP1.5m from EGP 3.3m reported a year ago. Revenue also dropped to EGP38.5m from EGP47.8m a year earlier.

 

EFG Hermes says unit completes acquisition of 51 per cent stake in IFSL

EFG Hermes Holding says unit EFG Hermes Frontier Holding completed acquisition of 10.2m shares, representing 51 per cent of Invest & Finance Securities Limited “IFSL” at PKR15 per share.

 

Amer Group shareholders approve stock dividend

Amer Group Holding’s shareholders have approved stock dividend of one bonus share for every ten shares for year 2016.

(With inputs from Reuters)

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AMEinfo Staff
By AMEinfo Staff
AMEinfo staff members report business news and views from across the Middle East and North Africa region, and analyse global events impacting the region today.