Five Saudi stocks to be closed to foreign investors

Updated 02 June 2015
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Five Saudi stocks to be closed to foreign investors

JEDDAH: Shares in five listed Saudi Arabian companies will not be open to investment by foreigners when the market permits direct stock purchases by foreign institutions this month, according to the stock exchange's website.
The five are Jabal Omar Development, Taiba Holding Co., Knowledge Economic City, National Shipping Co. of Saudi Arabia (Bahri), and Makkah Construction & Development Co. There are about 170 companies listed on the exchange.
An official at the Capital Market Authority, contacted by telephone, said he could not comment. The CMA, which will open the market to foreigners on June 15, has said foreign ownership of individual listed firms may be restricted by the companies' by-laws or by instructions from supervisory authorities.
Jabal Omar, Makkah Construction and Taiba focus on the holy cities of Makkah and Madinah.


Shareholders of India’s Jet Airways approve debt-for-equity swap

Updated 23 February 2019
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Shareholders of India’s Jet Airways approve debt-for-equity swap

  • The plan will mean the lenders will have a bigger holding than any other shareholder
  • Currently, Chairman Naresh Goyal owns a 51 percent stake in the company and Abu Dhabi’s Etihad Airways owns 24 percent

MUMBAI: India’s Jet Airways said late on Friday that its shareholders approved a plan to convert existing debt to equity, paving the way for the troubled company’s lenders to infuse funds and nominate directors to its board.
Jet’s board last week approved a plan by lenders, led by State Bank of India, for an equity infusion, debt restructuring and the sale or sale-and-lease-back of aircraft.
The plan will mean the lenders will have a bigger holding than any other shareholder.
Currently, Chairman Naresh Goyal owns a 51 percent stake in the company and Abu Dhabi’s Etihad Airways owns 24 percent.
Jet, which had net debt of 72.99 billion rupees ($1.03 billion) as of end-December, has debt payments looming next month, according to rating agency ICRA. It has been unable to pay pilots’ salaries and has outstanding bills to aircraft lessors.
The company, India’s biggest full-service carrier, is struggling with competition from budget rivals, high oil prices and a weaker rupee. The share price took a beating in 2018, losing nearly 70 percent of its value.
In a regulatory filing, Jet said on Friday that 98 percent of its shareholders voted to increase the share capital to 22 billion rupees ($309.8 million) from 2 billion rupees at a special meeting.
Jet, whose financial woes are set against the backdrop of wider aviation industry problems, has been in the red for four straight quarters.