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GFH Financial Group B.S.C. announced the purchase of 7,693,193 treasury shares, increasing its total treasury shares from 305,937,130 (7.98% of total issued shares) to 313,630,323 (8.18% of total issued shares) as of March 12, 2025. The decision to purchase was made during a board meeting on February 24, 2025, and was approved by the relevant authority on February 16, 2025. The average purchase price was 0.3136 USD per share, and this purchase represents 0.2% of the issued capital. There are 69,629,060 shares remaining for potential purchase. The announcement was signed by Mariam Jowhary, Head of Compliance & AML.
On 12 March 2025, Watania International Holding (PJSC) held a Board of Directors meeting. The meeting started at 2:30 PM. The board approved the audited financial statements for the year ending 31 December 2024, but the disclosure of these statements is pending final approval from regulators concerning the financials of the operating subsidiaries. Additionally, the board decided to invite the Annual General Assembly to convene after receiving the necessary regulatory approvals. Routine business matters were also discussed. The meeting details were signed by Nawal Ma’ally, the Board Secretary, on the same date.
Shuaa Capital PSC, a licensed financial investment company regulated by the Securities and Commodities Authority, announced that its Board of Directors has approved several resolutions via circulation. These include agreements with related parties for the subscription of convertible bonds to be issued by the company, subject to final approval by the Securities and Commodities Authority. The agreements involve: 1. Eshraq Investments PSC subscribing to convertible bonds worth AED 50 million. 2. Al Baher Real Estate Development LLC subscribing to convertible bonds worth AED 25 million. 3. United Motors & Heavy Equipment Co. LLC subscribing to convertible bonds worth AED 10 million. The total value of the new convertible bonds to be issued is AED 85 million.
Al Ramz Capital LLC has been appointed as a liquidity provider for Fertiglobe PLC, a major exporter of urea and ammonia and the largest nitrogen fertilizer producer in the MENA region. Starting March 13, 2025, Al Ramz will begin trading Fertiglobe shares following regulatory approvals. Al Ramz is a licensed market maker with over 25 years of experience in UAE capital markets, known for enhancing liquidity and trading efficiency. Founded in 1998, Al Ramz is a public joint stock company listed on the Dubai Financial Market, offering various financial services, including asset management and market making.
Al Ramz Capital LLC, located in Dubai, UAE, announced its appointment as a liquidity provider for ADNOC Gas PLC, a major gas processing company listed in Abu Dhabi. This role will commence on March 12, 2025, following regulatory approvals. Al Ramz, with over 25 years of experience in UAE capital markets, is a licensed market maker on both the Dubai Financial Market and Abu Dhabi Securities Exchange. The company is recognized for enhancing liquidity by enriching order books, reducing trading spreads, minimizing price volatility, and increasing trading volumes. Founded in 1998, Al Ramz is a public joint stock company listed on the Dubai Financial Market, offering services such as asset management, corporate finance, brokerage, and financial research.
Emirates Central Cooling Systems Corporation PJSC (Empower), the world's largest district cooling services provider, has signed an agreement to supply district cooling services to the Palm Gateway project in Palm Jumeirah, Dubai. The service will have a capacity of 9,470 refrigeration tons and is expected to start in the second quarter of 2026. Palm Gateway is a luxury residential development consisting of three interconnected towers with modern amenities. Empower's CEO, Ahmad Bin Shafar, stated that this agreement reflects the trust of real estate developers in Empower's services, which consume up to 50% less energy than conventional systems. Empower aims to support Dubai's sustainability goals by reducing carbon emissions and enhancing energy efficiency.
On 12 March 2025, the Board of Directors of Emirates Islamic Bank (P.J.S.C.) reviewed a valuation report by KPMG, the bank's financial advisor, regarding a mandatory cash offer from Emirates NBD Bank (P.J.S.C.) to acquire all shares of Emirates Islamic Bank. The offer proposes a cash consideration of AED 11.95 per share, leading to Emirates NBD owning 100% of the bank's issued and paid-up ordinary shares. The valuation report suggests a fair value for 100% of the shares ranges between AED 3.68 and AED 4.06 per share. The Board unanimously decided to recommend the offer to the bank's shareholders and to publish a shareholders' circular with the Board's recommendation and a summary of the valuation report.