Dana Gas, which has a $1 billion (Dh3.67 billion) Islamic bond maturing in October, said its board will discuss financing of projects in Egypt and the UAE at a meeting tomorrow. The board will also discuss its stake in MOL Nyrt, the company said in a statement to the Abu Dhabi bourse on Sunday, without giving further details. Dana Gas' unlisted parent Crescent Petroleum owns 3 per cent of MOL, Hungary's largest oil refiner. Dana Gas is in talks with a number of banks for advice on refinancing of sukuk, debt that complies with Islam's ban on interest, as well as financial strategy, and plans to list its exploration and production business on the London Stock Exchange, according to a company statement in November.
Orascom Telecom Holding, North Africa's biggest mobile phone company by users, will resume trading after splitting into two companies the day after it files required disclosure documents, the Egyptian bourse said yesterday. Orascom Telecom, whose shares closed at 2.98 Egyptian pounds (Dh1.80), has been split in two: Orascom Telecom Holding SAE and Orascom Telecom Media and Technology Holding SAE. The first will start trading at 1.73 Egyptian pounds per share and the latter at 1.25 Egyptian pounds, according to an emailed statement from the Egyptian bourse on Sunday. The bourse's limits on share price movements will be suspended for the first day of trading on both companies, according to the statement.
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Rabigh Refining and Petrochemicals Company, a Saudi Arabian fuel producer, said all production units at its complex completed the so-called lenders reliability test by running the complex at 97 per cent of their production capacity for 210 days.
Al Khodari Sons
Saudi Arabia's construction firm Abdullah A.M. Al Khodari Sons Company rose after announcing two contract signings worth 204 million riyals (Dh199.68 million). Al Khodari Sons, up 2.4 per cent, won a 134.3 million riyal contract from the Ministry of Health to build a 100-bed hospital in the city of Abqaiq, according to a bourse statement. It also signed with the Ministry of Municipal and Rural Affairs (Jazan Municipality) for the cleaning of cities and villages, a contract worth 70 million riyals. The financial impact of this project is expected to take place in the second quarter of the financial year 2012.
Emaar Properties said it expects Dubai's property market to achieve positive growth in 2012 across all sectors and the company will continue to focus on affordable housing through its Dawahi Development subsidiary this year. "Dubai has effectively restructured its economy, following the challenges of the global financial crisis, and is now steadily consolidating its fundamentals. Following the socio-political changes emerging from the Arab Spring, elsewhere in the Middle East, more businesses are looking to establish their regional headquarters or expand their market presence to the UAE and Dubai. The property sector is poised to benefit from this and record positive growth in 2012, across residential, commercial, retail and hospitality," Emaar said.
Al Jouf Cement
Al Jouf Cement, a Saudi Arabian producer of building materials, said its board approved building a new production line at a cost of 885 million riyals. The clinker plant will have an output capacity 5,000 tonness a day.
Alexandria Portland Cement, a unit of Titan Cement Company, said "armed protesters" attacked its factory in the port city of Alexandria and set its administrative building on fire. The protesters are demanding the relocation of the factory because they claim it is polluting the area. The company denied the accusation in a filing to the Egyptian bourse on Sunday.
Banque Saudi Fransi
Banque Saudi Fransi, a Saudi lender part-owned by Credit Agricole, plans to raise its capital by 25 per cent via distributing one free share for every four held. The bank's board recommended increasing the capital to 9 billion riyals from 7.23 billion riyals.