BSF signs deal with Saudi desalination giant

Patrice Couvegnes, BSF managing director, with Ali bin Abdulrahman Al-Hazmy, SWCC governor, at the signing ceremony in Riyadh. (AN photo)
Updated 01 April 2017
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BSF signs deal with Saudi desalination giant

RIYADH: State-owned Saline Water Conversion Corporation (SWCC) has awarded a financial advisory mandate to Banque Saudi Fransi (BSF) for two greenfield projects.
Patrice Couvegnes, BSF managing director, said: “The bank is committed to contributing to Saudi Vision 2030 with the objective of developing and delivering high-quality services to the private and government sectors.”
He said that BSF and its subsidiary, Saudi Fransi Capital, has the distinction of being one of the most successful homegrown banks in the Kingdom besides being a leader in offering a wide range of financial and banking services.
The bank has assembled a team of professionals with vast experience in advisory, privatization and financial structuring, Couvegnes said.
“After the announcement of Saudi Vision 2030, SWCC has become one of the first organizations to launch its privatization program,” said a statement issued after the deal was finalized.
“With the Kingdom’s new 2030 vision, BSF’s role as a leading bank and a major financial institution has become more prominent, and the responsibility we carry has increased,” it added.
The Riyadh-based SWCC is the largest desalinating corporation in the world besides being the second-largest power provider in Saudi Arabia. The SWCC, which has over 30 desalination plants and 14 transmission lines across the Kingdom, currently produces about 20 percent of the world’s desalinated water.


Angry Birds maker Rovio posts sharply lower quarterly profit

Updated 17 August 2018
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Angry Birds maker Rovio posts sharply lower quarterly profit

HELSINKI: Rovio Entertainment, the maker of the “Angry Birds” mobile game series, reported a sharply lower quarterly profit on Friday due to declining revenue from its 2016 Hollywood movie, but said sales at its games business were growing.
The Finnish company, which listed its shares last September, reported second-quarter adjusted operating profit of €6 million ($7 million), down from €16 million a year earlier and roughly in line with market forecasts according to Thomson Reuters data.
Total sales fell 17 percent to €72 million while the games unit grew 6 percent to €65 million.
Rovio reiterated its full-year outlook, which in February wiped 50 percent off its share price. The company expects total sales of between €260 million and €300 million this year, against €297 million in 2017.