UAE’s Finablr to list on London Stock Exchange

Finablr is planning to raise $200 million from the sale of new shares on the London Stock Exchange. (AFP)
Updated 16 April 2019
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UAE’s Finablr to list on London Stock Exchange

  • Finablr brands include UAE Exchange, Travelex Holdings and Xpress Money
  • The final offer price will be determined following a book-building process

United Arab Emirates-based payments and foreign exchange company Finablr plans to proceed with an initial public offer on the London Stock Exchange, a week after the company revealed that it was considering one.
Finablr, whose brands include UAE Exchange, Travelex Holdings and Xpress Money, said on Tuesday the final offer price will be determined following a book-building process, with the listing currently expected in May.
Finablr confirmed it is planning to raise $200 million from the sale of new stock, with some existing shares also being offered for sale. It plans to sell at least 25 percent of its equity.
The prospectus is expected to be published on or around May 1, the company said in a statement.
The move follows Middle East payments firm Network International listing in London last week. Italian payments firm Nexi is due to debut in Milan this week, with the company valued at €5.7 billion ($6.44 billion).
Payments processing assets have become highly sought after as consumers worldwide switch to digital from cash, commanding impressive valuations for companies in the sector.


Egypt agrees to pay Israel $500 million to end gas dispute

Updated 17 June 2019
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Egypt agrees to pay Israel $500 million to end gas dispute

CAIRO: Egypt says it has struck a deal with the state-owned Israel Electric Corp. to settle a fine for halting deliveries of natural gas.
A statement from Egypt’s Petroleum Ministry said the settlement deal, which was signed Sunday, would reduce the $1.7 billion fine to $500 million.
It says Egypt will pay the amount over eight and a half years.
In return, the Israeli company would drop other claims resulting from a 2015 arbitration decision.
Israel Electric had sued the state-owned Egyptian General Petroleum Corporation and Egyptian Natural Gas after a 2005 deal to export natural gas to Israel collapsed in 2012 amid militant attacks on a pipeline in the Sinai Peninsula, where Egypt has been battling insurgency for years.
Israel relied on the pipeline to meet its energy needs.