Arab Today, arab today al tuwairqi group inks 19b restructuring deal
Last Updated : GMT 23:38:33
Arab Today, arab today
Arab Today, arab today

Al Tuwairqi Group inks $1.9b restructuring deal

Arab Today, arab today

Arab Today, arab today Al Tuwairqi Group inks $1.9b restructuring deal

Dubai - Arabstoday

Saudi steelmaker Al Tuwairqi Group has signed a $1.9 billion (Dh6.9 billion) debt restructuring of bank loans, London-based MEED said, citing anonymous bank lenders. Final documentation for the restructuring has been signed by a group of 26 banks including National Commercial Bank, National Bank of Kuwait and Standard Chartered. \"This is probably the largest debt restructuring to have been completed so far in Saudi Arabia, so it is a significant achievement,\" one Riyadh-based banker told MEED. DP World HSBC raised its price target on DP World and said the Dubai-based port operator has attractive container terminal assets and a \"fairly healthy\" profit growth forecast for the next few years. The brokerage raised its price target on the stock to $13.93 from $11.20, but maintained a \"neutral\" rating citing valuation. \"DPW offers broad-based exposure to global container terminals, emerging markets generally and fairly healthy forecast profit growth in the next few years,\" the brokerage said. DP World, the third largest ports operator in the world, is considered one of the more profitable units of debt-laden Dubai World. Article continues below Shares in DP World were trading at $12.50 by 0804 GMT Monday. Saipem Saipem won contracts worth more than $1 billion in Egypt, in the North Sea and in Russia, according to a statement distributed by the Italian exchange. EFG-Hermes EFG-Hermes Holding SAE, Egypt\'s biggest publicly traded investment bank, said its shareholders approved the increase of bonus shares. The company will distribute 0.25 share for every share held pending approval of the market regulator, it said in a Regulatory News Service filing yesterday. EFG-Hermes said on April 26 that it plans to distribute one bonus share for every 10 held. Sabic Saudi Basic Industries Corp (Sabic), the world\'s largest petrochemicals company, has no plans at the moment to sell bonds and will tap the debt market when necessary, Chief Executive Officer Mutlaq Al Morished told Al Arabiya television. The company enjoys a \"very strong\" financial position, he said in a telephone interview. Drake & Scull Drake & Scull International PJSC said it won contracts valued at Dh155 million in Kuwait. The company made the announcement in a statement to the Dubai bourse yesterday. Nakheel Nakheel PJSC said Dubai\'s government is committed to the construction of a 306-home Jumeirah Golf Estates project, according to an e-mailed statement by the company yesterday. \"The Government of Dubai has committed to providing significant financial support to Jumeirah Golf Estates,\'\' it said. \"We are committed to managing and delivering this key project for Dubai. Our contractors have recommenced work at the development,\" Nakheel said in the statement. Waha Capital Waha Capital PJSC, a leasing company based in Abu Dhabi, said it obtained a $505 million term and revolving credit facility with 11 regional and international banks. The facility is for three years, the company said in an e-mailed statement yesterday. Al Nasr Al Nasr Clothes and Textiles said its loss in the six months to March 31 widened to 10.7 million Egyptian pounds from 6.94 million pounds a year earlier. The Alexandria-based company, known as Kabo, made the announcement in a regulatory filing to the Egyptian bourse yesterday. Vodafone Qatar Vodafone Qatar, a venture between Vodafone Group Plc and the state-owned Qatar Foundation, plans to obtain a $100 million loan in the next 45 days to establish a fixed-line phone network in the country, said John Tombleson, the company\'s acting chief executive officer. The company borrows through the Vodafone Group at an interest rate of 1.7 per cent, Tombleson said after the company\'s general assembly in the Qatari capital Doha.

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