Crypto Moves — Bitcoin, Ether up; Cuba approves crypto services; Central African Republic adopts Bitcoin as official currency

Crypto Moves — Bitcoin, Ether up; Cuba approves crypto services; Central African Republic adopts Bitcoin as official currency
Bitcoin traded higher on Thursday, up 2.31 percent to $39,323. (Shutterstock)
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Updated 28 April 2022

Crypto Moves — Bitcoin, Ether up; Cuba approves crypto services; Central African Republic adopts Bitcoin as official currency

Crypto Moves — Bitcoin, Ether up; Cuba approves crypto services; Central African Republic adopts Bitcoin as official currency

RIYADH: Bitcoin, the leading cryptocurrency internationally, traded higher on Thursday, up 2.31 percent to $39,323 as of 09.15 a.m. Riyadh time.

Ether, the second most traded cryptocurrency, was priced at $2,880, up 1.08 percent, according to data from Coindesk.

Cuba approves cryptocurrency services

The Cuban central bank issued regulations on Tuesday for virtual asset service providers, after giving a nod last year to the personal use of cryptocurrencies, a move some experts said could help the Communist-run Caribbean island skirt stiff US sanctions.

Cryptocurrencies, which allow financial operations to be carried out anonymously in a decentralized manner, have been used in the past to get around capital controls, as well as to make payments and transfers more efficient.

The bank authorization, published Tuesday in the government’s official gazette, requires those wishing to use cryptocurrencies to obtain a license.

The bank said it would consider the legality, socioeconomic interest and project characteristics of any request before granting a license, which would be valid initially for one year.

The roll-out of mobile Internet three years ago has opened the way for cryptocurrency transactions in Cuba, and enthusiasts on the island are growing in number as the currencies help overcome obstacles created by US sanctions.

Central African Republic adopts Bitcoin as an official currency

Central African Republic has adopted Bitcoin as an official currency, the presidency said on Wednesday, becoming the first country in Africa and only the second in the world to do so.

Despite rich reserves of gold and diamonds, Central African Republic is one of the world’s poorest and least-developed countries and has been gripped by rebel violence for years.

A bill governing the use of cryptocurrency was adopted unanimously by parliament last week, said a statement signed by Obed Namsio, chief of staff of president Faustin-Archange Touadera.

“The president supports this bill because it will improve the conditions of Central African citizens,” Namsio told Reuters, without elaborating.

In the statement, he called it “a decisive step toward opening up new opportunities for our country.”

Central African Republic is one of six nations that use the Central African CFA franc, a regional currency governed by the Bank of Central African States. 

(With inputs from Reuters) 


Saudi Hail Cement’s shareholders approve treasury holding of 4.9m shares

Saudi Hail Cement’s shareholders approve treasury holding of 4.9m shares
Updated 10 sec ago

Saudi Hail Cement’s shareholders approve treasury holding of 4.9m shares

Saudi Hail Cement’s shareholders approve treasury holding of 4.9m shares

RIYADH: Saudi Hail Cement Co.’s shareholders approved the buyback of 4.9 million shares to keep them as treasury shares.

The shares will be held in treasury for up to 10 years, the cement producer said in a bourse filing.

The company said the financing of the purchase process will be done through its own resources, as well as its credit facilities.

 


SAIB closes issuance of $533m Sukuk aimed at fulfilling financial needs

SAIB closes issuance of $533m Sukuk aimed at fulfilling financial needs
Updated 14 min 13 sec ago

SAIB closes issuance of $533m Sukuk aimed at fulfilling financial needs

SAIB closes issuance of $533m Sukuk aimed at fulfilling financial needs

RIYADH: The Saudi Investment Bank, known as SAIB, has completed a private placement of Tier 1 Sukuk worth SR2 billion ($533 million) in a bid to meet the lender’s financial needs.

Denominated in Saudi Riyals, the Shariah-compliant bond is perpetual and has a rate of return of 6 percent to be paid semi-annually from the issue date, according to a bourse filing.

Alistithmar Capital acted as the lead manager and bookrunner of the offering, which aims to fulfill the bank’s financial and strategic needs and support its capital base.


SABIC Agri-Nutrients declares $508m dividends for H1

SABIC Agri-Nutrients declares $508m dividends for H1
Updated 40 min 43 sec ago

SABIC Agri-Nutrients declares $508m dividends for H1

SABIC Agri-Nutrients declares $508m dividends for H1

RIYADH: Saudi petrochemical firm SABIC Agri-Nutrients Co.’s board has decided to distribute SR1.9 billion ($508 million) in dividends for the first half of 2022.

The dividend payout will be SR4 per share, to be paid on Aug. 1 with almost 476 million shares eligible for dividends, the homegrown company revealed in a bourse filing.

Half owned by chemical giant SABIC, SABIC Agri-Nutrients had earlier posted a near six-fold jump in its quarterly profits, buoyed by a surge in sales.

Despite global logistic hurdles, net profit soared to SR2.5 billion in the first quarter of the year, compared to SR423 million in the same period a year ago.


Saudi Derayah REIT to restructure $200m financing for cost reduction

Saudi Derayah REIT to restructure $200m financing for cost reduction
Updated 47 min 14 sec ago

Saudi Derayah REIT to restructure $200m financing for cost reduction

Saudi Derayah REIT to restructure $200m financing for cost reduction

RIYADH: Derayah REIT’s board has approved restructuring the fund’s outstanding financing facility, which was valued at SR748 million ($200 million) by 2021-end.

According to a bourse filing, the fund manager, Derayah Financial, has agreed with a local bank to reschedule existing financing, with maturity staggered in 2026 and 2027.

As per the agreed terms, the profit spread will be reduced by 20 percent and the maturity will be extended to seven years from the restructuring date.

The move is aimed at cutting Derayah REIT’s financing expenses, which will have a positive impact on its financial results for the second half of the ongoing year.


SADAFCO shareholders approve $26m half-year dividend

SADAFCO shareholders approve $26m half-year dividend
Updated 54 min 10 sec ago

SADAFCO shareholders approve $26m half-year dividend

SADAFCO shareholders approve $26m half-year dividend

RIYADH: Saudia Dairy and Foodstuff Co.’s shareholders have approved the board proposal to distribute SR96 million ($26 million) in cash dividends for the second half of the fiscal year ended March 31, 2022.

Shareholders are set to receive SR3 for each share, the company said in a bourse filing

The dairy firm’s payout remained unchanged from the same period last year.

SADAFCO, based in Jeddah, operates sales and distribution centers in 24 locations across Saudi Arabia, Bahrain, Qatar, Jordan, and Kuwait.