Arab Today, arab today adcb upgraded following equity sale
Last Updated : GMT 12:02:44
Arab Today, arab today
Arab Today, arab today

ADCB upgraded following equity sale

Arab Today, arab today

Arab Today, arab today ADCB upgraded following equity sale

Abu Dhabi - Arabstoday

Commercial Bank (ADCB) was upgraded by ratings agency Standard & Poor\'s, which said the lender\'s sale of its quarter stake in Malaysia\'s RHB will help boost capital levels. S&P upgraded ADCB to A from A- with a \"stable\" outlook, it said in a statement on Tuesday. \"We foresee a positive impact on the bank\'s capitalisation from the approximately Dh7 billion ($1.9 billion) in cash proceeds [which] we understand it will receive on [the] successful completion of the transaction,\" S&P said. \"ADCB has also announced that it will use the realised funds in line with its strategy to strengthen its balance sheet and focus on local markets.\" Emirates Central Cooling Systems Corporation, also known as Empower, yesterday said it will settle the fifth and final instalment of a Dh200 million ($54.5 million) HSBC loan on July 1. Empower received the seven-year loan in 2004 with repayments in five annual instalments commencing, starting from 2007 onwards, the company said in an emailed statement. Ahmad Bin Shafar, chief executive officer of Empower, said that the company used the loan to expand its operations in the UAE and build infrastructure and networks to cater to the rapidly increasing demand for district cooling, especially in Dubai. Egyptian private equity firm Citadel Capital yesterday said it was in possible buyout talks with more than one potential strategic partner. A source familiar with the matter said this month that Dubai-based Abraaj Capital had held talks with Citadel with a view to possibly buying a stake in the company. Citadel did not name any suitors in its statement and said the talks were with more than one party. \"Early stage, verbal talks have started with more than one potential strategic investor regarding the possible sale of Citadel Capital Partners\' (CCP) shares in Citadel Capital, as well as the balance of the firm\'s shares,\" it said. \"No formal contract has yet been signed,\" the statement said, adding that Citadel was considering appointing a major global investment bank to advise on strategic options but that no mandate had so far been issued. Saudi Electricity, also known as SEC, yesterday said it had signed a 12-year $989 million loan with a group of international banks. The loan will be used to purchase equipment from Alstom SA for the expansion of the 1,200-megawatt Shuaibah 3 power station on the Red Sea, SEC said in a statement posted on the website of the Saudi bourse. The banks are HSBC, Bank of Tokyo Mitsubishi, Citibank, Deutsche Bank AG and Sumitomo Mitsui Financial Group Inc. SEC agreed to a 51.1 billion Saudi riyal (Dh50 billion) lifeline with the Saudi government earlier this month to support its expansion plans. Iraqi telecom company Asiacell is worried that low local bourse liquidity could stop it from raising enough money in a mandatory initial public offering and is waiting for clarification on its licence terms. Asiacell\'s licence calls for the carrier a Qatar Telecom (Qtel) affiliate to launch an IPO to sell a quarter of its shares by the end of August and then list on the Iraq Stock Exchange (ISX). \"The timing of an IPO may depend on clarifications on how to implement the requirements of the licence, the stock market rules and Iraqi company law,\" a company spokesman said yesterday when asked if the company wanted to delay the IPO. The ISX started operations in 2004 and has a market capitalisation of less than $4 billion, while daily turnover averaged just $1.6 million in May. The market\'s small size may stop AsiaCell from raising the funds that would justify an IPO. Oman and Emirates Investment Holding Co (OEIHC) on Tuesday said it had accepted an offer from a UAE investor who wants to buy the company\'s entire stake of 40.97 per cent in Dhofar Fisheries Industries Co. \"The sale is subject to the approval of the Capital Market Authority and the completion of related formalities,\" OEIHC said in a statement posted on the Muscat bourse website. OEIHC is cross-listed on the bourses of Muscat and Abu Dhabi, according to Zawya.com data. From / Gulf News

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