NY-based crypto firm plans to raise $500m in debt

NY-based crypto firm plans to raise $500m in debt
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Updated 01 December 2021

NY-based crypto firm plans to raise $500m in debt

NY-based crypto firm plans to raise $500m in debt

CAIRO: Galaxy Digital, a New York-based crypto investment company, intends to raise $500 million in the debt market, the Financial Times reported on Wednesday.

The firm seeks to utilize the funds to expand the business.

“Galaxy is seeking to become the Goldman Sachs of crypto,” Financial Times reported on behalf of Novogratz, a former Fortress Investment Group executive.

“The company is growing quickly, with net income rising in the third quarter to $517 million, from $41.5 million in the same three months last year,” he added.

Galaxy detailed that the deal will only serve persons who qualify as professional investors.

The convertible note deal is expected to close this year, subject to Toronto Stock Exchange approval, where Galaxy’s shares are listed.

 


IPO bidding gets into full swing amid listing wave

 IPO bidding gets into full swing amid listing wave
Image: Shutterstock
Updated 13 sec ago

IPO bidding gets into full swing amid listing wave

 IPO bidding gets into full swing amid listing wave

RIYADH: Amid a wave of initial public offerings in the Kingdom, many companies are to kick off the book-building process on Saudi Arabia’s main and parallel indexes this month.

Al Dawaa Medical Services Co. has announced its intention to debut 25.5 million shares, representing 30 percent of capital, on the main stock index, TASI.

The pharmaceutical retailer will allocate the full offer during the IPO bidding session, which will run from Feb. 13 to Feb. 17, 2022, according to a statement by the company.

Dammam-based Gas Arabian Services started the qualified investors’ book-building session today, Jan. 23, amid plans to list 790,000 shares on Saudi Arabia’s parallel market, Nomu.

The session will take place for four days until Jan. 27, 2022, the bookrunner of the offer, FALCOM Financial Services Co., said in a bourse statement.

The offering price range has been set between SR75 and SR90 per share.

Qualified investors will be entitled to the full offer of 790,000 shares and each shall subscribe to a minimum of 10 shares and a maximum of 789,990 shares.

Arabian International Healthcare Holding Co., better known as Tibbiyah, will begin the book-building process on Jan. 30. The period will last for five days, offering 5 million shares, or 25 percent of capital, on the parallel market Nomu.

Fully owned by Al Faisaliah Group, Tibbiyah is a leading healthcare provider in Saudi Arabia and the region.


Egyptian ready-made garments exports hit an all-time high at $2.49bn 

Egyptian ready-made garments exports hit an all-time high at $2.49bn 
Updated 4 min 58 sec ago

Egyptian ready-made garments exports hit an all-time high at $2.49bn 

Egyptian ready-made garments exports hit an all-time high at $2.49bn 
  • The Ready-made Garments Export Council has attracted 23 new factories in 2021

The value of Egyptian ready-made garment exports set an all-time high record during 2021.

They increased to $2.49 billion, up from $1.457 billion the previous year, amounting to a 41 percent increase.

The Ready-made Garments Export Council has attracted 23 new factories in 2021, with 11 facilities from small and medium factories re-attracted, the head of the council, Marie Lewis, revealed. 

Lewis added that services provided by the council are being expanded, to include promotional and marketing services. It has prepared a number of initiatives to develop e-marketing tools for its exporters.

The council has also participated in four international and local exhibitions, and has provided 33 export opportunities. It also arranged 22 bilateral meetings between its exporters and buyers.

It organised 32 workshops and training programs to enhance the export capabilities and production efficiency of the council's exporters, she added. 


MIS inks $23m worth of contracts for cloud hosting and data center services

MIS inks $23m worth of contracts for cloud hosting and data center services
Image: Shutterstock
Updated 23 January 2022

MIS inks $23m worth of contracts for cloud hosting and data center services

MIS inks $23m worth of contracts for cloud hosting and data center services

RIYADH: Saudi information technology firm Al Moammar Information Systems Co., MIS, has inked SR84.5 million ($23 million) worth of contracts with its subsidiary Edarat Communications and Information Technology Co.

This followed the approval of the company’s board of directors.

As per the first contract, worth SR57 million and valid for 18 months, Edarat will provide data center services to MIS, the homegrown IT company said in a bourse statement.

In a separate announcement, MIS declared the closure of a 60-month deal valued at SR27.5 million with Edarat.

MIS signed the second deal to receive cloud hosting services as it aims to feed its helix cloud computing software, known as SaaS.

The financial impact of the agreements is expected to roll out on the company’s financial statements starting from the ongoing quarter and will last for each contract’s duration.  

Riyadh-based MIS owns 50 percent of Edarat. It was established in 1979 and marks Saudi Arabia’s first listed information technology company.


UAE’s Network International appoints SABB's Al-Dahmash as Saudi head

UAE’s Network International appoints SABB's Al-Dahmash as Saudi head
Updated 23 January 2022

UAE’s Network International appoints SABB's Al-Dahmash as Saudi head

UAE’s Network International appoints SABB's Al-Dahmash as Saudi head

RIYADH: Network International, a Middle East and North Africa digital commerce enabler, has appointed Abdulaziz Al Dahmash as managing director for Saudi Arabia, it said in a statement. 

Al Dahmash will be responsible for developing and implementing a comprehensive strategy to drive the company’s business growth and increase digital payments adoption in the Kingdom.

He has previously served as head of digital banking and payments in Saudi British Bank, or SABB and prior to that he contributed to developing the Saudi National Card Payment Network at the Saudi Central Bank. 

“As the Kingdom moves towards a less cash environment, it presents a significant opportunity for us to support the nation with its 2030 Vision and the goal of increasing the number of non-cash transactions to 70 percent in 2025,” CEO of the company, Nandan Mer, commented. 


Abdullah Sharafi appointed to Dubai Financial Services Authority’s board of directors

Abdullah Sharafi appointed to Dubai Financial Services Authority’s board of directors
Updated 23 January 2022

Abdullah Sharafi appointed to Dubai Financial Services Authority’s board of directors

Abdullah Sharafi appointed to Dubai Financial Services Authority’s board of directors

RIYADH: Abdullah Sharafi has been apponted to the board of directors of the Dubai Financial Services Authority, or DFSA. 

Dubai's deputy ruler and deputy prime minister Maktoum bin Mohammed appointed Sharafi who sits on several other boards in the UAE, with over 20 years experience at Emirates Industrial Bank. 

The appointment comes as a replacement of Abdul Wahid Al Ulama Chairman Fadel Al Ali said in a statement. 

It also reflects the authority’s efforts to consolidate the Dubai International Financial Centre as a major regional and global financial centre, he added.