Emaar to hold dividend at 10%

Emaar Properties said yesterday it will stick to an earlier proposal of paying 10 per cent of its share capital as dividend for 2011, the same level as 2010, despite some speculation that the property company might be forced by shareholders to offer a higher payout. The dividend is the equivalent of Dh0.10 a share. "We are adopting a reasonable policy in the distribution of profits, we need our reserve and this has benefited the company over the three past years," Emaar Chairman Mohammad Al Abbar said.

Kuwait Airways

Kuwait's Cabinet has approved a draft law to privatise struggling state carrier Kuwait Airways within three years. Minister of Communications Salem Al Uthaina told the official Kuwait News Agency late on Sunday that the measure calls on the airline's board to sell a 35 per cent stake to the highest bidder. The draft law has been referred to the country's legislature. An earlier attempt to privatise the airline fizzled last year when the Cabinet recommended the airline be restructured before pursuing the sale of a 35 per cent stake.

Julphar

Gulf Pharmaceutical Industries, known as Julphar, has announced overall sales of Dh310 million in the first quarter of 2012 compared to Dh280.1 million in the same period in 2011, achieving 10.7 per cent growth. Gross profits and operating profits have also increased. Gross profit stood at Dh184 million, 1 per cent higher than the first-quarter 2011 figure of Dh182.2 million, operating profit stood at Dh66.4 million and profit reached Dh59.4 million (12.5 per cent higher compared to Dh52.8 million.

Housing and Development

Housing and Development Bank, an Egyptian lender, has said its 2011 profit fell 18 per cent. Net income for the year was 156.2 million Egyptian pounds (Dh94.8 million) compared with 191.6 million pounds, the Cairo-based company said.

Amer Group

Amer Group, an Egyptian developer and operator of resorts and restaurants, said its board of directors approved selling 14 million treasury shares bought in April 2011. The Cairo-based company made the statement in a filing to the Egyptian bourse yesterday.

Qatar National Bank

Qatar National Bank (QNB) is increasing its stake in Iraq's Mansour Bank to 51 per cent from 23 per cent, the company said in a statement yesterday. QNB Group will increase its representation on Mansour Bank's board after the deal, which QNB said had been approved by the Central Bank of Iraq, the lender said in a statement.

Health Water

Health Water Bottling, a company owned by Saudi Arabian conglomerate Olayan Group, is planning to go public by issuing 30 per cent of its shares in a flotation in the first quarter of 2013. Health Water, which was formed in 1973 and is the sole distributor of Holsten non-alcoholic beer and Power Horse energy drink in the kingdom, is planning to raise between 300 million and 500 million Saudi riyals (Dh488.5 million) from the public offering. Health Water, which also owns the Nova mineral water brand, has hired Morgan Stanley as financial advisor to manage the sale.

Mobile Services

Egyptian Co for Mobile Services surged to the highest level since 2010 after the Arab country's market regulator approved a tender offer by a unit of France Telecom to buy all of the company's shares. Shares of the company also known as Mobinil climbed 6.7 per cent to 191.99 Egyptian pounds (Dh116.6) at 11.04am in Cairo, the highest intraday level since October 2010. The benchmark EGX 30 Index gained 2.4 per cent.

Al Sewedy

Al Sewedy Electric, Egypt's biggest manufacturer of electric cables, said its shareholders approved a dividend distribution of one Egyptian pound (Dh0.6) a share for 2011. The Cairo-based company made the announcement in a filing to the Egyptian bourse yesterday.

— Compiled from staff reports & agencies