ADCB, Batelco, Deyaar Development, Tabreed : Gulf Equity Preview
The following companies may rise or fall in Gulf Arab markets. Stock symbols are in parentheses and prices are from the last close.
Abu Dhabi’s ADX General Index advanced 0.2 percent, while the DFM General Index retreated 0.2 percent. Qatar’s QE Index dropped 0.3 percent, the most since Jan. 30.
Abu Dhabi Commercial Bank (ADCB UH): The United Arab Emirates’ third-biggest bank by assets sold 150 million Swiss francs ($156 million) of bonds due December 2015. The lender said Royal Bank of Scotland Group Plc and UBS AG are joint lead managers of the deal. The shares rose 2.1 percent to 2.45 dirhams.
Batelco Telecommunications Co. (BATELCO BI): Bahrain’s largest phone company said it submitted an offer to acquire Zain Group’s 25 percent stake in Mobile Telecommunications Company Saudi Arabia (ZAINKSA). Batelco shares were unchanged at 49.6 fils.
Deyaar Development PJSC (DEYAAR UH): The property company part-owned by Dubai Islamic Bank PJSC tied up with Tamweel PJSC, Noor Islamic Bank and Commercial Bank of Dubai PSC (CBD UH) to offer mortgage options. Deyaar shares retreated 1.8 percent to 27.1 fils and Commercial Bank shares gained 1.6 percent to 3.1 dirhams.
National Central Cooling Co. (TABREED UH): The U.A.E. utility said net income was 136.8 million dirhams ($37.2 million) in 2010 after a loss of 1.12 billion dirhams a year earlier. Separately, it said creditors agreed on terms to refinance 2.63 billion dirhams in liabilities. Lenders will extend a new 150 million-dirham revolving credit facility. The shares advanced 0.7 percent to 1.38 dirhams when they last traded on Feb. 8.
To contact the editor responsible for this story: Claudia Maedler at Cmaedler@bloomberg.net
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