Nawras announces IPO share price

Oman telecommunications company Nawras said yesterday that shares in its initial public offering have been priced at 702 baizas each, valuing the company at 456 million riyals.

When listed on the Muscat Securities Exchange, Nawras' shares will trade under the ticker ‘nwrs'.

All Category I investors will receive a refund of 200 baizas for each share applied for, which will be payable to their bank accounts.

The IPO raised 182 million riyals for the selling shareholders making it, by value, the largest IPO in Oman since 2005 and the largest in the GCC since July 2009.

All selling shareholders, with the exception of Nawras Development, retain a stake in Nawras, including TDC-Qtel MENA Investcom, which is controlled by Qatar Telecom (Qtel) and the pension funds of the Diwan of the Royal Court, the Ministry of Defence, the Royal Office, the Internal Security Service and the Sultan's Special Force.

Following the IPO, 40 per cent of the shares will be in free float with the Qtel subsidiary retaining 55 per cent of the company and 5 per cent held by the original Omani pension funds.

Burgan Bank

Burgan Bank, a unit of Kuwait Projects Company, late Wednesday said third-quarter net profit more than doubled to 3.8 million Kuwaiti dinars, from 1.74 million Kuwaiti dinars in the year earlier period as it set aside less cash for bad loans. Burgan Bank said provisions for bad loans decreased by 13 million Kuwaiti dinars during the third quarter, compared with second quarter of the year. During the third quarter Burgan issued subordinated notes worth $400 million to enhance its capital base.

Earlier this year it also completed a 100.8 million Kuwaiti dinars rights issue.

Agthia

Food and beverage group Agthia yesterday said net sales for the first nine months of the year increased by six per cent year-on-year, or 8.4 per cent quarter-on-quarter, to Dh736 million.

This result was driven by a particularly strong performance in the water and beverage division which achieved a 31 per cent increase in sales year-on-year. Net profit for the third quarter grew 29.4 per cent versus same period last year. Decline in nine-month net profit is primarily due to decrease in flour volume, a decline in animal feed profit margin and the non-supply of subsidised raw tomato from UAE farms this year, Agthia said in a filing.

Excluding the impact of feed profit margin and non supply of raw tomato from UAE farms, net profit actually grew by 10 per cent.

Emirates Insurance

Emirates Insurance Company said yesterday that net profit for the first nine months of 2010 increased by 79.6 per cent to Dh88 million from Dh49 million in the same period last year. Gross premium income declined 2.9 per cent to Dh488 million in the period from Dh503 million in the comparable period of 2009, but investment income saw a jump of 485 per cent to Dh41 million.

Al Buhaira

Al Buhaira National Insurance Company said yesterday that premium revenue in the third quarter of this year decreased to Dh523 million from Dh558 million in the same quarter last year. Underwriting profit softened to Dh70 million from the Dh74 million posted in the third quarter of 2009.

Net profit was also lower at Dh76 million from the Dh79 million recorded in the third quarter of 2009.

Du

A board meeting of Emirates Integrated Telecommunication Company, or du, is scheduled to be held on November 7 in Dubai to consider and approve the firm's financial results for the third quarter of this year.

Raysut Cement

Oman's Raysut Cement, the country's largest cement producer by market value, has decided to purchase the UAE's Pioneer Cement Industries, according to a statement on the Muscat bourse website. Raysut said on Sunday it was holding acquisition talks with several companies. Pioneer Cement Industries is based in Ras Al Khaimah.