Tadawul index declines slightly

Updated 04 February 2013
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Tadawul index declines slightly

The Saudi stock market recorded mild losses yesterday, as the Tadawul All-Share Index (TASI) descending throughout the day, closed lower to 7,033.3, trimming 24.29 points or 0.34 percent for the day. It plunged to a maximum of 45 points during the session. Its year-to-date yield reached to 3.41 percent.
The market cap indices all finished to the downside.
Most of the sector indices ended negatively, paring an aggregate of 319 points. Only four sectors moved upward, showing a collection of 86.9 points. Real Estate Development, Building and Media sectors showed the worst performance, declining more than 1.3 percent yesterday. On the positive side, Insurance sector remained key gainer for the second consecutive day, advancing 0.98 percent further.
Top ten heavy weights also suffered small losses, with Etihad Etisalat Co. (Mobily) decreasing by 0.67 percent, Samba Financial Group 0.66 percent and Al-Rajhi Bank 0.37 percent. However, Saudi Electricity Co. remained unharmed among large caps, advancing 0.36 percent to SR 13.7.
The market breadth was negative, with 42 stocks witnessing advances and 91 others marking a decline.
Solidarity Saudi Takaful Co. led the top gainers chart at Tadawul, surging by SR 3 or 8.33 percent. The company with trades over 17.5 million shares positioned itself among the most active stocks, closing the day at SR 39 and ranking second. The value of these shares totaled SR 667.8 million, a relative market share of 10.4 percent.
Al Ahlia Insurance Co. and Saudi Industrial Export were other significant gainers, moving up by 4.7 percent and 4.5 percent respectively.


Dubai Aerospace signs $480 million loan deal

Updated 21 May 2018
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Dubai Aerospace signs $480 million loan deal

DUBAI: Dubai Aerospace Enterprise (DAE), one of the world’s largest aircraft lessors, said on Monday it had signed a four-year loan deal for $480 million.
DAE, a government-controlled company set up in 2006, has become one of the world’s largest aircraft lessors after acquiring Dublin-based AWAS last year.
The acquisition tripled the Dubai aircraft leasing and maintenance company’s portfolio to about 400 aircraft worth more than $14 billion.
The $480 million loan, which includes both conventional and Islamic finance tranches, has a so-called “accordion facility” allowing it to be increased to up to $800 million.
With the loan, the company’s unsecured revolving credit facilities increase to between $1.125 billion and $1.445 billion, depending on final size of the latest deal, Firoz Tararpore, DAE’s chief executive, said in a statement.
“On a pro forma basis as of December 2017, if this facility is fully drawn and if the proceeds are used to pay down secured indebtedness, DAE’s percentage of unsecured debt would increase from 26 percent to a range of 31-34 percent.”
Last year, the company issued $2.3 billion in senior bonds split across three tranches last year, partly to finance the AWAS acquisition.
Tarapore said in an interview last week that DAE was in talks to buy a near-record total of 400 jetliners from Airbus and Boeing in an order that could be worth more than $40 billion at list prices.
Al Ahli Bank of Kuwait coordinated the latest loan deal and was also the lead arranger and joint bookrunner together with First Abu Dhabi Bank, while Noor Bank joined the deal as lead arranger.