Leading Kuwaiti bank Burgan has launched a rights issue of up to KD50 million ($161.4 million) as part of efforts to boost its capital position and enhance financial flexibility to support its strategic priorities, including strengthening its Kuwait business, reallocating assets and accelerating digital transformation.
Abu Dhabi sovereign investor L'IMAD Holding plans to offer AED6.25 per share to acquire the remaining stake in AD Ports Group through its key subsidiary Abu Dhabi Developmental Holding (ADQ), in a deal that could take its ownership of the company to 100%. L’IMAD, through ADQ currently owns 75.42% of AD Ports Group.
Bank Nizwa has joined the initial public offering of Oman India Fertiliser Company as a collecting bank, further strengthening its position as key provider of Islamic banking solutions. One of the top five fertiliser producers in the GCC, it is offering 25% of its share capital through the IPO.
Petro Rabigh, a leading petrochemical company jointly owned by oil giant Aramco and Japan's Sumitomo Chemical, has announced that it has cut its accumulated losses to 14.77% of share capital, dropping below a key regulatory threshold after a capital reduction and a return to profit.
