First Gulf Bank successfully concluded its annual general meeting Wednesday in Abu Dhabi, where it approved a cash dividend of 100 per cent of capital, as well as distribution of 100 per cent bonus shares. Buyers of FGB shares by March 7 are eligible for the cash dividend and bonus shares. The AGM also approved the financial statements for the year ending December 31, 2011. Abdul Hamid Saeed, managing director, commented: "In line with our commitment to providing our shareholders with optimum value, FGB continues to offer high returns, where our board recommended a dividend of 100 per cent of capital and bonus shares of 100 per cent, on the back of our outstanding results, which were approved by the AGM. The meeting clearly reflects the high level of trust and support we enjoy in the market in achieving our goals."
Mobile Telecommunications Co of Saudi Arabia (Zain Saudi) is in talks with lenders to refinance its $2.5 billion Islamic loan facility that matures in July, two people familiar with the matter said. The company, 25 per cent owned by Mobile Telecommunications Co of Kuwait, is looking to refinance the loan as it is unable to repay the debt now, one of the people said, declining to be identified because the talks are private. The company has good support from banks and shouldn't have any problem refinancing the facility, another person said.
Drake & Scull International, or DSI, said Wednesday its managing director of mechanical, electrical, plumbing business Mark Andrews is no longer with the company.
"Kindly be informed that Mark Andrews is no longer working in Drake & Scull International PJSC, kindly remove his name from the management list," Drake & Scull said in a statement on the Dubai Financial Market website.
A spokesperson, who didn't give the name of a replacement or official leaving date for Andrews, did confirm that Andrews used to be in charge of the company's MEP business.
According to Murray & Roberts Contractors Middle East, Andrews joined the South African construction company in October 2011 as managing director, replacing Nigel Harvey, who was appointed chairman of the group's construction business and returned to South Africa.
The Iraqi cabinet approved Tuesday a $363 million deal with Egypt's Orascom Construction to install a 1,014-megawatt power plant in Salahuddin province north of Baghdad, an Iraqi government spokesman said. Ali Al Dabbagh, the government spokesman, said the deal includes installing six gas-fired units, each with a capacity of 169 MW, which Baghdad bought from Siemens AG in 2008.
Abdullah A.M. Al Khodari Sons Co, a Saudi Arabian contracting company, signed a 567 million riyal Islamic credit agreement for additional facilities with National Commercial Bank.
"The purpose of these credit facilities is to provide bonding commitments and to fund capital requirements and working capital needs for the company's specific projects," it said in a statement to the Saudi bourse Wednesday.
Sekerbank TAS, a Turkish bank, reported a 31 per cent drop in profit last year to 118 million liras ($67 million). Net income fell from 170.2 million liras in 2010, according to full-year earnings Sekerbank reported to the Istanbul Stock Exchange Wednesday.