Saudi Arabian group Al Tayyar Travel is set to raise up to 1.37 billion riyals ($365 million) selling a 30 per cent stake in a listing in the first week of June, two sources familiar with the matter said. The family-owned business group is offering 24 million shares to investors at 45-57 riyals, two people familiar with the process said. The IPO is open to retail investors and expected to close on May 20. The institutional part of the share sale has been oversubscribed nearly five times, arranging bank Samba Capital, the investment banking arm of Samba Financial Group, said this week. Al Tayyar first looked to go public in February 2010. Lacklustre market conditions forced the family group to pull the process at the end of the institutional stage. Renewed investor interest in local markets and ample institutional liquidity was expected to see the firm launch its IPO at the top end of the range this time.
Agility
Kuwait-based provider of logistics services Agility said yesterday its net profit fell 8.1 per cent to 7.1 million Kuwaiti dinars ($25.35 million) in the first quarter of 2012 from 7.7 million dinars a year earlier. The company's first-quarter report posted on the Dubai bourse website showed that the main reason for the profit decline was that in the first quarter of 2011 the company booked a gain of 7.91 million dinars on the disposal of a subsidiary. First-quarter total net revenue edged down by 2.1 per cent on the year to about 87 million dinars. Agility, which is embroiled in litigation with the United States over alleged overpricing of supplies to the US forces, said in its report that it is in talks with the US government to reach a fair settlement for the legal cases filed against it.
Investcorp
Investcorp Bank BSC has enough liquidity to cover debt maturing through December 2013, the buyout firm said in a report on the Bahrain bourse website.Investcorp had $1 billion in liquidity as of March, it said.
DFM
The Dubai Dubai Financial Market (DFM) yesterday announced that its UAE listed companies recorded 100 per cent compliance in disclosing their first quarter financial results within the deadline of 45 days from the end of the period. Forty-one out of the 44 UAE public joint stock companies listed on DFM successfully disclosed their quarterly results by the end of March, with the exception of Amlak Finance, Al Firdous and United Kaipara Dairies due to procedural reasons. Meanwhile, DFM suspended trading in three foreign companies that missed the deadline to provide the exchange with the financial statements as per the UAE Securities and commodities Authority (SCA) and DFM requirements. DFM also submitted a detailed report to SCA including the disclosure dates and its observations on the disclosures. The suspended companies are National Industries Group Holding, Mazaya Holding and Almadina for Finance and Investment.
Tabreed
National Central Cooling Company (Tabreed), the Abu Dhabi-based district cooling utility company, announced yesterday the completion of the expansion of its district cooling plant in Al Ain. The plant, which serves UAE University, has been expanded to meet the university's demand. Sujit S Parhar, Tabreed's CEO, said: "We are delighted to support the UAE University in expanding the world-class education infrastructure it offers its students. This expansion will increase the year-round energy-efficient, cost-effective and reliable cooling solutions that Tabreed supplies to the university and demonstrates our commitment to meeting our customers' cooling needs."
Lamprell
Shares in Lamprell lost two-thirds of their value yesterday after the oil and gas contractor warned that delays to deliveries of equipment and unexpected costs would drag it into the red. Lamprell blamed the delivery delays on increased demand for oil rig components, which have in turn weighed on margins. The FTSE 250 group, which builds and leases oil rigs and related equipment, has continued to pay staff despite the delays that have prevented work from being performed, further eroding margins.
