Latest Threads on News from companies

ADNOC Drilling and Alpha Dhabi's joint venture, Enersol, has increased its equity stake in Gordon Technologies to 67.2% by acquiring an additional 42.2% for approximately $270 million. This acquisition will make Enersol the majority equity holder in Gordon Technologies, which has established a business in Abu Dhabi to commence field operations in the MENA region. The transaction, funded 80% upon closing and the remainder over two years subject to performance conditions, is pending regulatory approval. Gordon Technologies, a debt-free provider of measurement while drilling (MWD) technology, is expected to bring profitability and operational efficiencies to Enersol. The acquisition aligns with the UAE’s energy security and economic diversification goals.

Takaful Emarat – Insurance PSC announced strategic measures to enhance its financial position and ensure long-term stability. The Board of Directors has recommended a special resolution for the upcoming AGM on June 14, 2024, seeking shareholder approval to increase the company's share capital. Despite recent financial challenges, the company has performed well under new management, which restructured the executive team and gained shareholder approval for a capital increase of AED 125 million to offset accumulated losses. In Q1 2024, the company achieved 79% growth in Takaful revenues, reaching AED 84 million. The Board also proposed an additional capital increase of AED 60 million to be voted on at the AGM, bringing the total capital increase to AED 185 million, aimed at supporting business expansion.

BHM Capital has been appointed as the liquidity provider for Spinneys' shares on the Dubai Financial Market (DFM). This appointment involves BHM Capital entering two-way daily quotes into the market trading system in compliance with DFM and UAE Securities and Commodities Authority regulations. Abdel Hadi Al Sa’di, CEO of BHM Capital, mentioned that this initiative aims to enhance the company's position in the market, stabilize share prices, and facilitate trading for investors. He also noted that BHM Capital previously provided price stabilization for Spinneys' shares when they were newly listed on May 9, 2024. BHM Capital is a leading financial institution in the UAE, offering services to individual and corporate investors and is known for its role in financial technology. For more information, visit www.bhmuae.ae.

Empower, the world's largest district cooling services provider, has launched its annual summer campaign titled 'Set at 24°C and Save' to encourage its 136,000+ customers to reduce energy consumption and cooling bills. This initiative aims to promote sustainability practices by urging customers to set their air conditioners to 24°C in Auto mode, which can save energy, lower bills, and protect the environment. Empower's CEO, Ahmad bin Shafar, emphasized the importance of rationalizing energy use, especially during the summer, to preserve natural resources and contribute to Dubai's goal of becoming a global hub for the green economy and achieving the lowest carbon footprint by 2050.

On June 10, 2024, Drake & Scull International PJSC announced the completion of its restructuring plan, which included the write-off of 4,181,744,366 dirhams of financial and commercial debts. This was achieved through the issuance of mandatory convertible sukuk to the company's creditors, as per the court's decision and the restructuring plan. The company has fulfilled all obligations outlined in the restructuring plan, including increasing its capital by more than the minimum required 300 million dirhams. The restructuring plan was agreed upon with financial and commercial creditors and approved by the competent courts, and the company has received approval from the Securities and Commodities Authority.