Latest Threads on News from companies

The board of directors of Takaful Emarat Insurance PSC held a meeting on Tuesday, 15 October 2024, from 4:00 PM to 4:45 PM. Five board members were present, achieving a quorum of 71%. The meeting included discussions on business updates and other matters. The meeting's decisions and resolutions were documented, with Mohammed Abu Qoura, the Chief Executive Officer, serving as the authorized signatory.

A notification has been issued regarding the upcoming Ajman Bank Board of Directors meeting, scheduled for Monday, October 21, 2024, at 10:00 AM. The meeting will cover topics such as the approval of the minutes from the previous meeting, discussion and approval of the financial statements for the third quarter of 2024, and a follow-up on the bank's routine activities. The notification is signed by Badreldin Eltahir Elmogadam, General Counsel and Board of Directors’ Secretary.

The Emirates Telecommunications Group Company (Etisalat Group) has announced that its Board of Directors will consider a resolution on Friday, 18th October 2024. This resolution involves calling for a General Assembly meeting to approve an amendment to the company's borrowing cap. The notification is addressed to the Chief Executive Officer of the Abu Dhabi Securities Exchange. The communication is signed by Hasan Mohamed Al Hosani, the Group Corporate Secretary.

Abu Dhabi National Oil Company (ADNOC) Fertilizers, a wholly owned subsidiary of ADNOC, has acquired OCI Fertilizers B.V.'s stake in Fertiglobe plc, resulting in ADNOC Fertilizers becoming the major shareholder with 86.2% ownership. As a consequence of this change in ownership and the fulfillment of transaction conditions, several board members, including Nassef Sawiris, Ahmed El-Hoshy, Hassan Badrawi, Jerome Guiraud, Charles David Welch, and Philippe Ryckaert, have resigned from the Board of Directors. Ahmed El-Hoshy will continue as the Chief Executive Officer. A new Board of Directors will be elected at the upcoming General Assembly meeting on October 24, 2024.

Fertiglobe has announced the completion of ADNOC's acquisition of a majority stake, increasing its ownership to 86.2%, with the remaining 13.8% in free float on the Abu Dhabi Securities Exchange. This acquisition is part of ADNOC's strategy to expand its low-carbon ammonia business, positioning Fertiglobe as a leader in this sector. ADNOC plans to integrate its domestic and global projects into Fertiglobe, more than doubling its ammonia project capacity. The current management team, led by CEO Ahmed El-Hoshy, will remain in place to drive growth and value creation, aiming for an additional $150 million in annual EBITDA by 2025. Fertiglobe will outline its growth strategy at its Capital Markets Day in Q1 2025.

Fertiglobe has announced the completion of ADNOC's acquisition of a majority stake in the company, increasing ADNOC's ownership to 86.2%, while maintaining a 13.8% free float on the Abu Dhabi Securities Exchange. Fertiglobe, the largest seaborne nitrogen exporter, is set to lead in low-carbon ammonia, consolidating ADNOC's growth platform in this area. ADNOC plans to integrate its domestic and global low-carbon ammonia projects with Fertiglobe, doubling its ammonia project capacity. The existing management team, led by CEO Ahmed El-Hoshy, remains in place to drive the next growth phase, aiming to generate $150 million in additional annual EBITDA by the end of 2025. A detailed growth strategy will be shared at Fertiglobe's Capital Markets Day in Q1 2025. This acquisition supports ADNOC's strategy to expand its low-carbon fuels business and become a top global chemicals player.