SAIB’s free-float rises by 10% after sale of treasury shares

SAIB’s free-float rises by 10% after sale of treasury shares
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Updated 12 September 2021

SAIB’s free-float rises by 10% after sale of treasury shares

SAIB’s free-float rises by 10% after sale of treasury shares

RIYADH: The number of shares of the Saudi Investment Bank trading on the open market has increased by 10 percent, or 74.99 million shares, Al-Arabiya TV reported, quoting CEO of Alistithmar Capital Khaled Al-Rayes.

The shares were purchased by various entities that led to an increase in the proportion of free-float shares of the bank, with orders at SR1 billion ($266 million) for the full value of the offering, and the average closing price SR15.56, said Al-Rayes.

The step came after the bank’s shareholders approved the sale of the shares acquired from JP Morgan International Finance (56.25 million) and Mizuho Bank Ltd. (18.75 million) as treasury shares, during the extraordinary general assembly meeting held on Aug. 4, Argaam reported.

The bank last week announced it was selling 75 million treasury shares for SR1.03 billion.


Qatar signs comprehensive air transport agreement with EU 

Qatar signs comprehensive air transport agreement with EU 
Updated 14 sec ago

Qatar signs comprehensive air transport agreement with EU 

Qatar signs comprehensive air transport agreement with EU 

CAIRO: Qatar signed an air transport agreement with the EU on Monday, the Gulf country’s Minister of Transport and Communications Jaddim Said Ahmed Al-Sulaiti said. 

The agreement, which was finalized in Luxembourg, will provide airlines with easy access to markets, with fewer restrictions, and has replaced existing bilateral agreements.

“The agreement is a testimony to Qatar's notable profile in air transportation and that the national carrier has such an active role around the world,” Al-Sulaiti said.


ECZA, SIDF, Emaar EC signs deal to develop KAEC’s ‘Land and Loan’ program

ECZA, SIDF, Emaar EC signs deal to develop KAEC’s ‘Land and Loan’ program
Updated 6 min 59 sec ago

ECZA, SIDF, Emaar EC signs deal to develop KAEC’s ‘Land and Loan’ program

ECZA, SIDF, Emaar EC signs deal to develop KAEC’s ‘Land and Loan’ program

RIYADH: Saudi Arabia's Economic Cities and Special Zones Authority (ECZA) signed a memorandum of understanding (MoU) with the Saudi Industrial Development Fund (SIDF) and Emaar Economic City (EEC) to enhance the investment environment in King Abdullah Economic City (KAEC).

"The tripartite cooperation agreement aims to promote the industrial and logistics integration initiative at KAEC to further build on ‘Land and Loan’ program to attract valuable investments to KAEC’s logistics sector," according to a statement.


Facebook plans to hire 10,000 in EU to build 'metaverse'

Facebook plans to hire 10,000 in EU to build 'metaverse'
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Updated 10 min 16 sec ago

Facebook plans to hire 10,000 in EU to build 'metaverse'

Facebook plans to hire 10,000 in EU to build 'metaverse'
  • Using technologies such as virtual and augmented reality Facebook plans to create a greater sense of "virtual presence"

Facebook Inc plans to create 10,000 jobs in the European Union over the next five years, the social media giant said on Monday, to help build the so-called metaverse - an online world where people can use different devices to move and communicate in a virtual environment.


Chief Executive Mark Zuckerberg has been talking up metaverse since July and the buzzy word, first coined in a dystopian novel three decades earlier, has been referenced by other tech firms such as Microsoft.


"No one company will own and operate the metaverse," Nick Clegg, Facebook's vice president of global affairs, wrote in a blog post.

"Bringing this to life will take collaboration and cooperation across companies, developers, creators and policymakers."


Using technologies such as virtual and augmented reality Facebook plans to create a greater sense of "virtual presence", which will mimic the experience of interacting in person.


The coronavirus pandemic has shifted much of the office meetings online, leading to the rise of conferencing apps such as Zoom, and big tech companies are looking to capitalize on this shift.


Facebook, which has invested heavily in virtual reality (VR) and augmented reality (AR), including buying companies like Oculus, intends to connect its nearly three billion users through several devices and apps.


Zuckerberg believes the metaverse would be accessible across VR, AR, PC, mobile devices and game consoles.


It has already committed $50 million for building the metaverse, and testing a new remote work app where users of Oculus Quest 2 headsets could hold meetings as avatar versions of themselves.


While Facebook did not say what roles it would hire for and where they would be based, the company has been facing antitrust probes in the region, and is often criticised over online safety and hate speech on its platform.


"We look forward to working with governments across the EU to find the right people and the right markets to take this forward, as part of an upcoming recruitment drive across the region," Clegg wrote.


Qatar Gas Company starts work on $29bn project to boost LNG production

Qatar Gas Company starts work on $29bn project to boost LNG production
Updated 10 min 36 sec ago

Qatar Gas Company starts work on $29bn project to boost LNG production

Qatar Gas Company starts work on $29bn project to boost LNG production
  • The state-owned firm plans to increase liquified natural gas (LNG) production capacity to 110 million tons per year from 77 million tons

CAIRO: Qatar Gas Company announced it has started with its $29 billion project to build four new natural gas production lines in the industrial city of Ras Laffan, Asharq reported.

The state-owned firm plans to increase liquified natural gas (LNG) production capacity to 110 million tons per year from 77 million tons.

“The project aims to preserve Qatar’s global leadership in LNG production,” the company said on its Twitter account.

Production is expected to start by the end of 2025, and total daily output is expected to hit around 1.4 million barrels of oil equivalent per day.


Russian IT firm Softline sets IPO price range, valued up to $1.93bn

Russian IT firm Softline sets IPO price range, valued up to $1.93bn
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Updated 19 min 1 sec ago

Russian IT firm Softline sets IPO price range, valued up to $1.93bn

Russian IT firm Softline sets IPO price range, valued up to $1.93bn
  • Bookbuilding is expected to be completed on or around Oct. 26

Russian IT company Softline said on Monday the indicative price range for its initial public offering has been set at between $7.50 and $10.50 per global depositary receipt (GDR), valuing the firm at up to $1.93 billion.


Softline, one of several Russian firms planning a market debut, said it plans to raise around $400 million by selling newly issued ordinary shares in the IPO on the London Stock Exchange later this month, with a secondary listing in Moscow.

Russian IPO activity, hit by the COVID-19 pandemic last year, is picking up pace as the economy improves and concerns over fresh Western sanctions fade. The Moscow Exchange expects to hold 10 share listings by the end of the year.

Softline, headquartered in London and operating in more than 50 countries, said the offering is expected to value the company at between $1.49 billion and $1.93 billion.
A person familiar with the matter told Reuters the company was targeting a free float of 20-25 percent.

Bookbuilding is expected to be completed on or around Oct. 26.


Softline said certain existing shareholders were expected to offer additional GDRs as an over-allotment option, representing up to 15 percent of the total number of GDRs being sold.


Softline intends to use part of the IPO proceeds to fund acquisitions, it said, part of the company's growth strategy along with organic expansion.

CEO Sergey Chernovolenko has said Softline's strategy also includes developing expertise and expanding within emerging markets.

"Compared with developed markets, GDP growth is twice as fast (in emerging markets) and IT penetration is around 3-4 times lower," Chernovolenko said in a recent interview.

Credit Suisse, J.P. Morgan and VTB Capital are acting as joint global coordinators and joint bookrunners. Alfa Capital Markets, Citigroup, Gazprombank and Sberbank CIB are acting as joint bookrunners.