PIF offers 100m shares in stc in secondary public offering

PIF offers 100m shares in stc in secondary public offering
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Updated 05 December 2021

PIF offers 100m shares in stc in secondary public offering

PIF offers 100m shares in stc in secondary public offering

RIYADH: Saudi Arabia’s Public Investment Fund (selling shareholder) and stc on Sunday announced the launch of a secondary public offering of stc’s ordinary shares, Argaam reported.

“The potential transaction is in line with the PIF’s strategy to recycle its capital to new investments,” the fund said in an earlier statement. 

A total of 10.02 million shares will be allocated to retail subscribers.

The offering comprises a fully marketed secondary public offering of 100.2 million stc shares, representing 5.01 percent of its share capital

The price range has been set between SR100 and SR116 per share. The final offer price will announced on Dec. 10.

Goldman Sachs Saudi Arabia, HSBC Saudi Arabia, Morgan Stanley Saudi Arabia and SNB Capital are acting as joint financial advisers for STC and joint global coordinators for STC and PIF. The Citigroup Saudi Arabia and Credit Suisse Saudi Arabia are acting as joint bookrunners, according to a bourse filing.


Higher commodity prices drive global upstream M&A deals to hit a 3-year high of $181bn

Higher commodity prices drive global upstream M&A deals to hit a 3-year high of $181bn
Updated 12 sec ago

Higher commodity prices drive global upstream M&A deals to hit a 3-year high of $181bn

Higher commodity prices drive global upstream M&A deals to hit a 3-year high of $181bn

Higher commodity prices and a healthier market prompted global upstream merger and acquisition deals to reach a three-year high of $181 billion in 2021, according to an independent energy research company.

Value of deals rebounded, returning to pre-pandemic levels, but were slightly below 2017 and 2018 levels of $205 billion and $199 billion respectively, Rystad Energy said.

The value of deals over $1 billion reached $126 billion, or 70 percent of the global total. The share of these almost tripled, with 2021 marking 35 such deals as compared to only 13 in the previous year. Out of these 35 deals, 13 were company acquisitions with a value of around $65 billion.

Two Australia-related mergers made up $22 billion of the total. One was between Santos and Oil Search and the other was between Woodside Petroleum and BHP. The remaining over-$1 billion deals were mainly focused on North American assets.

Gas made up 56 percent of all traded resources, up from 43 percent in 2020, while oil and natural gas liquids had shares of 31 percent and 9 percent, respectively. The shift in deal composition in 2021 was attributed to the North American acquisitions and was also helped by deal activity in other regions.

“With a strong potential deal pipeline, continuous pressure on companies to transform amid a global push to lower carbon emissions while simultaneously delivering profitable oil and gas production, and an average oil price of above $60 per barrel expected for 2022, the upstream M&A market is likely to stay active for the foreseeable future,” Ilka Haarmann, senior analyst at Rystad Energy, said.


Egypt’s Ghazl El Mahalla first football club to list on MENA stock exchange in early February

Egypt’s Ghazl El Mahalla first football club to list on MENA stock exchange in early February
Image: Shutterstock
Updated 10 min 10 sec ago

Egypt’s Ghazl El Mahalla first football club to list on MENA stock exchange in early February

Egypt’s Ghazl El Mahalla first football club to list on MENA stock exchange in early February

RIYADH: Egypt's Ghazl El Mahalla will become the first football club to list on the Egyptian Exchange, known as EGX, in early February 2022, Almal reported citing the company’s head. 

Ghazl El Mahall is currently owned by the Egyptian El Mahalla Spinning and Weaving Co, and Ali Al-Abbasi said the listing of the company would take the burden of football off the firm.

The football club is offering over 60 percent of its capital and will raise around 135 million Egyptian pounds ($8.6 million).

The club will release the prospectus for its initial public offering on the Egyptian stock exchange before the end of January. 

It will become the first club to establish an independent joint stock company in Egypt, in accordance with the new sports law, he noted. 

Egypt’s new sports law was issued as part of the ministry of youth affairs and sports’ efforts to motivate investors, attract investments, and encourage clubs and sports bodies to establish companies.

Ghazl El Mahalla is one of Egypt's biggest clubs, but has not won the country's premier league since 1973.

 


Saudi SABIC Agri-Nutrients completes $320m acquisition amid expansion efforts

Saudi SABIC Agri-Nutrients completes $320m acquisition amid expansion efforts
Updated 11 min 57 sec ago

Saudi SABIC Agri-Nutrients completes $320m acquisition amid expansion efforts

Saudi SABIC Agri-Nutrients completes $320m acquisition amid expansion efforts

RIYADH: Saudi Arabian petrochemical firm SABIC Agri-Nutrients has completed a SR1.2 billion ($320 million) partial acquisition of Dubai-based ETG Inputs Holdco Ltd.

The homegrown fertilizer producer is to takeover 49 percent of ETG Inputs Holdco’s share capital, it said in a bourse statement.

This comes as part of the company’s strategy to strengthen its presence in global markets and move closer to its customers.

SABIC Agri-Nutrients noted that the transaction is subject to regulatory approvals and other terms and conditions.

The financial impact of the acquisition is expected to roll out on the company’s financial statements during the second half of the ongoing fiscal year, it added.

ETG Inputs Holdco specializes in the field of blending and distributing fertilizers and seeds. It directly sells to farmers and end customers across several countries in Africa.

 


JPMorgan merges EU operations into single German business

JPMorgan merges EU operations into single German business
Image: Shutterstock
Updated 17 min 21 sec ago

JPMorgan merges EU operations into single German business

JPMorgan merges EU operations into single German business
  • Channelling most of its EU business through a single entity will make it cheaper for JPMorgan to operate

American banking giant JPMorgan has merged most of its European Union businesses into a single entity in Germany, it said on Monday, seeking to make its business in the bloc more competitive after Britain’s departure.


The bank said it had simplified its European structure by merging its Luxembourg and Irish entities into German business JP Morgan AG.


JPMorgan said the new combined operation “will be among the five largest banking legal entities in Germany” and go into the top 20 of those supervised by the European Central Bank.

It said it would have a total capital base of about 34 billion euros ($38.51 billion).


Major US banks have been reorganizing their European operations since Brexit because they can no longer serve EU clients out of London.

Channelling most of its EU business through a single entity will make it cheaper for JPMorgan to operate by reducing how much capital it needs to hold in total and combining different pools of liquidity.


The reorganization of the group’s EU legal entity structure does not involve any change to its existing office locations, JPMorgan added.


Lamborghini dedicates $1.7bn in move to electric models

Lamborghini dedicates $1.7bn in move to electric models
Lamborghini Aventador SV. Image: Shutterstock
Updated 36 min 18 sec ago

Lamborghini dedicates $1.7bn in move to electric models

Lamborghini dedicates $1.7bn in move to electric models
  • Lamborghini’s shift is heavily backed by Volkswagen’s heavy spending on new and up to date technologies

RIYADH: Italian luxury sports cars and SUVs manufacturer, Lamborghini has devoted 1.5 billion euros ($1.7 billion) to shift its lineup from pure combustion vehicles to plug-in hybrids as of 2023, Bloomberg reported.

The sports car manufacturer is preparing for the final round of combustion engine models such as the Aventador.

This comes as the Italian producer aims to introduce its initial plug-in hybrid car in 2023 amid efforts to fully convert its lineup to battery powered models by 2024.


Other car brands such as Ferrari NV and Aston Martin Lagonda Global Holdings Plc have faced some challenges to maintain their brand identity amid the electrification process.

On the other hand, Lamborghini’s shift is heavily backed by Volkswagen’s heavy spending on new and up to date technologies.


Lamborghini's first electric car design is still a work in progress; however, the manufacturer is considering a four door model convenient for day to day use.

The supercar brand hit record deliveries in 2021 and said 2022 had seen a very good start.

The firm’s full year earnings — to be unveiled in March — will be “surprising to everyone in a positive sense,” Bloomberg reported, citing chief executive officer Stephan Winkelmann.