INVESTCORP
Investcorp, a major provider of alternative investment products, principally in the Gulf , has announced the successful placing of GDRs at an offer price of $29 per GDR. The offer price implies a total base offer size of approximately $420 million and a market capitalization of approximately $2.1 billion (before any exercise of the over-allotment option). Investcorp’s common shares have a primary listing on the Bahrain Stock Exchange, albeit with limited trading, and closed at a price of $2,360 per share on Dec. 4. The Bahrain price is expected to converge with the GDR trading price established in London. The offer comprises 16.675 million GDRs, including an over-allotment option of 2.175 million GDRs, with each GDR representing one hundredth of an Investcorp common share. The GDRs were placed with a broad range of institutional investors across the UK, continental Europe and the US.
BME
Buchanan Middle East (BME) held its official, black tie launch party here on Tuesday. The launch took place at the Trilogy Roof Top, Souk Madina, Dubai. Last month, BME was officially announced when two WPP companies joined forces, Buchanan Communications, the financial PR specialists and JWT PR, a subsidiary of JWT MENA, one of WPP’s leading operations in the region. BME operates across the MENA region. Tim Anderson, director Buchanan Communications and BME, took time away from the London base to join the team in Dubai to launch the newly-formed company. “The MENA region has promising economic outlooks and we intend to be part of this growth,” Anderson said. While BME will focus on financial communications, the company will continue to offer consumer PR which currently represents the majority of business activity for BME.
ALJ
The ALJ Community Services Programs Fund for Professional and Career Training has launched a new training course in baking for Saudi youths. It is for the first time that the ALJ Programs organizing a course in baking trade though it has conducted several courses in other branches of the culinary art. The project has been encouraged by the willingness of several hotels and other establishments to employ trained Saudis in this specialized trade. Sixteen youth trainees have joined the first batch of the course being held at the Global Institute for Hotel Management in Jeddah. In a meeting with them on the first day of the course Muhammad Jameel, President of the ALJ Programs, urged the trainees to strive for excellence in their trade and be a model for others. The Bin Yousuf Commercial Establishment’s “Avenue” has offered to absorb these youth after the completion of the six-month course. The establishment also offered to employ the Saudis who complete other training courses sponsored by the ALJ Community Services Programs. According to Tamir Badkook, director of the training and employment at the ALJ Fund, the training course has been launched in order to meet the increasing demand for Saudi professionals in the baking trade. Khaled Al-Rashidi, one of the trainees said he dreamed to be a skilled Saudi baker as he has decided to take up this as his vocation.
SONY GULF
As the countdown to the March 7 official arrival of Playstation3 (PS3) in the Middle East begins, Sony Gulf says that there are plenty of good reasons for customers to wait. “Anticipation is building ahead of the official arrival of PS3 in the region,” said Tim Stokes, sales and marketing director, PlayStation division, Sony Gulf, “and rightly so. The few people who have managed to try it first hand are raving about its features and the quality of graphics making it one of the most eagerly awaited consumer product launches of all time.” With the launch of PS3 in North America and Japan this month, Stokes says that the temptation to buy an unofficially imported unit will be great, but highlights some issues of buying before the official launch.
