Latest Threads
Check out what has been happening in the community
Check out what has been happening in the community
The text discusses an integrated report for the financial year that ended on December 31, 2022. The report is likely to provide a comprehensive view of a company's performance over the year, including financial results and other key metrics.
Ali Musmar, the CEO of ARAM Group Company, announced that a Board of Directors meeting will be held on March 14th, 2024. The meeting will discuss and approve the audited financial statements for the fiscal year ended 31/12/2023, the agenda of the General Assembly for the fiscal year ending on 12/31/2023, and the proposal to distribute dividends or not for the year ended 31/12/2023. They will also discuss the proposal to grant remuneration to the Board of Directors for the fiscal year ending on 12/31/2023 and other administrative and operational subjects. A copy of this announcement is also sent to the Securities and Commodities Authority (SCA) in Abu Dhabi, UAE.
On March 8, 2024, Investcorp Capital plc announced it has entered into a new revolving credit facility of USD 800 million with a syndicate of regional and international banks, with Investcorp S.A. as the guarantor. The facility is expected to positively impact Investcorp Capital plc’s financial position. The initial proceeds will be used to fully repay an intercompany receivable between a subsidiary of Investcorp Capital plc and Investcorp S.A. The remaining funds will be utilized for general corporate purposes and to support the company's investment strategy. The financial impact will be reflected in the first quarter of 2024, ending March 31, 2024. The announcement was authorized by H.E. Mohammed Alardhi, Chairman of the Board.
On March 8, 2024, Investcorp Capital plc agreed to a deal with Investcorp S.A., a related party that owns 71.43% of Investcorp Capital plc. The deal involved a guarantee and placement fee (the "Fee") of less than 0.001% of the company's capital. The Fee equates to 1% (USD 8 million) of the total commitments of a new revolving credit facility entered into by Investcorp Capital plc and a syndicate of lenders. In return for the Fee, Investcorp S.A. agreed to arrange the revolving credit facility and guarantee all of Investcorp Capital plc’s obligations under it. The related party's benefit from the deal is USD 8 million.
The GFH Financial Group has announced that it acted as one of the Joint Lead Managers and bookrunners for the successful issuance of a $500 million 5-year sukuk by Arabian Centers Company, Saudi Arabia's largest shopping mall owner, developer, and operator. The investment is expected to reflect positively on the Group’s financials and increase the returns for the Group.