The Dragon Oil Offer - The Dragon Oil Offer:
"Update: An interesting analysis from Makor Capital on ENOC's offer and why they will almost certainly have to improve it.
Makor Capital, Dragon Oil Analysis
Update: Setanta Asset Management is the second institutional holder to reject ENOC's offer. They join Baillie Gifford (who own 7.2% of Dragon Oil's shares) in rejecting ENOC's offer on the basis that the price does not reflect anything like fair value.
Setanta own 3.1% of Dragon Oil's shares, and are the 2nd largest minority holder after Baillie Gifford. This rejection now means that ENOC have failed to gain the support of the 2 largest minority shareholders for this takeover. "
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Wednesday 8 July 2015
MIDEAST STOCKS-Egypt continues bear run, Gulf depressed by weak oil | Reuters
MIDEAST STOCKS-Egypt continues bear run, Gulf depressed by weak oil | Reuters:
"The bear run on Egypt's stock market continued on Wednesday as property developer Emaar Misr slid further in the wake of its listing, while weak oil prices weighed on the Gulf.
The Egyptian stock index tumbled 2.6 percent to a 15-month low of 7,551 points, bringing its losses from February's multi-year peak to 25 percent.
The market has been hit by a perfect storm in the last few weeks: Egypt's energy and foreign exchange shortages, a decision by the central bank to resume depreciating the Egyptian pound , and an order by the bourse that Egyptian investors who buy global depository receipts (GDRs) by purchasing shares in Egyptian pounds may only receive their returns in that currency."
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"The bear run on Egypt's stock market continued on Wednesday as property developer Emaar Misr slid further in the wake of its listing, while weak oil prices weighed on the Gulf.
The Egyptian stock index tumbled 2.6 percent to a 15-month low of 7,551 points, bringing its losses from February's multi-year peak to 25 percent.
The market has been hit by a perfect storm in the last few weeks: Egypt's energy and foreign exchange shortages, a decision by the central bank to resume depreciating the Egyptian pound , and an order by the bourse that Egyptian investors who buy global depository receipts (GDRs) by purchasing shares in Egyptian pounds may only receive their returns in that currency."
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MIDEAST STOCKS-Gulf markets soft on weak Asian bourses, oil | Reuters
MIDEAST STOCKS-Gulf markets soft on weak Asian bourses, oil | Reuters:
"Gulf stock markets were soft in modest volumes during early trade on Wednesday due to a slide in Asian stock markets prompted by China's equities crash and to weak oil prices.
The Dubai stock index slid 0.8 percent. Construction firm Arabtec dropped 1.2 percent after saying its group chief financial officer, human resources officer and general counsel had resigned, the latest in a series of management upheavals at the company since June last year.
Gulf Finance House edged up 0.3 percent after saying it was considering the possibility of delisting from Kuwait and listing in Saudi Arabia, which would expose its shares to a much larger pool of investors."
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"Gulf stock markets were soft in modest volumes during early trade on Wednesday due to a slide in Asian stock markets prompted by China's equities crash and to weak oil prices.
The Dubai stock index slid 0.8 percent. Construction firm Arabtec dropped 1.2 percent after saying its group chief financial officer, human resources officer and general counsel had resigned, the latest in a series of management upheavals at the company since June last year.
Gulf Finance House edged up 0.3 percent after saying it was considering the possibility of delisting from Kuwait and listing in Saudi Arabia, which would expose its shares to a much larger pool of investors."
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MIDEAST STOCKS-Egypt bear run continues; Saudi soft on oil | Reuters
MIDEAST STOCKS-Egypt bear run continues; Saudi soft on oil | Reuters:
"The bear run on Egypt's stock market continued early on Wednesday as property developer Emaar Misr slid further in the wake of its listing, while weak oil prices weighed on Saudi Arabia.
The Egyptian stock index sank 1.8 percent to 7,615 points, bringing its losses from February's multi-year peak to 24 percent.
The market has been hit by economic worries, such as energy and foreign exchange shortages, and security fears after clashes with militants in the Sinai and the assassination of a senior official in Cairo. The Greek crisis has also hurt since the euro zone is a top trading partner and source of tourists for Egypt."
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"The bear run on Egypt's stock market continued early on Wednesday as property developer Emaar Misr slid further in the wake of its listing, while weak oil prices weighed on Saudi Arabia.
The Egyptian stock index sank 1.8 percent to 7,615 points, bringing its losses from February's multi-year peak to 24 percent.
The market has been hit by economic worries, such as energy and foreign exchange shortages, and security fears after clashes with militants in the Sinai and the assassination of a senior official in Cairo. The Greek crisis has also hurt since the euro zone is a top trading partner and source of tourists for Egypt."
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Dragon Oil shareholders reject Enoc takeover offer as below fair value | The National
Dragon Oil shareholders reject Enoc takeover offer as below fair value | The National:
"Emirates National Oil Company’s (Enoc) fight to own Dragon Oil outright hit another bump yesterday when the Dublin-listed explorer’s second-largest minority shareholder argued that the offer is too low.
Enoc said, however, that it did not expect the efforts of Dragon Oil’s two largest minority shareholders – the investment funds Baillie Gifford of Edinburgh and Setanta Asset Management of Dublin, which collectively own just more than 10 per cent of the company – to be enough to rally support to block its buyout offer.
In two previous notes to investors, Richard Sneller, Baillie Gifford’s head of emerging markets, argued that Enoc’s offer of 750 pence a share for the 46 per cent of Dragon Oil it did not already own was below “fair value”."
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"Emirates National Oil Company’s (Enoc) fight to own Dragon Oil outright hit another bump yesterday when the Dublin-listed explorer’s second-largest minority shareholder argued that the offer is too low.
Enoc said, however, that it did not expect the efforts of Dragon Oil’s two largest minority shareholders – the investment funds Baillie Gifford of Edinburgh and Setanta Asset Management of Dublin, which collectively own just more than 10 per cent of the company – to be enough to rally support to block its buyout offer.
In two previous notes to investors, Richard Sneller, Baillie Gifford’s head of emerging markets, argued that Enoc’s offer of 750 pence a share for the 46 per cent of Dragon Oil it did not already own was below “fair value”."
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Bahrain's Gulf Finance House considers Saudi listing, Kuwait delisting | The National
Bahrain's Gulf Finance House considers Saudi listing, Kuwait delisting | The National:
"The Bahrain-based investment company Gulf Finance House is once again studying the possibility of delisting from Kuwait’s stock market and is also considering a listing on Saudi Arabia’s bourse, it said on Wednesday.
The company said in April that it would delist its global depositary receipts in London but would keep its other listings after a period of deliberations over feedback from shareholders at its annual general meeting.
GFH is listed in four places – Dubai Financial Market, where its shares are often the market’s most heavily traded; Bahrain; Kuwait; and London in the form of global depository receipts."
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"The Bahrain-based investment company Gulf Finance House is once again studying the possibility of delisting from Kuwait’s stock market and is also considering a listing on Saudi Arabia’s bourse, it said on Wednesday.
The company said in April that it would delist its global depositary receipts in London but would keep its other listings after a period of deliberations over feedback from shareholders at its annual general meeting.
GFH is listed in four places – Dubai Financial Market, where its shares are often the market’s most heavily traded; Bahrain; Kuwait; and London in the form of global depository receipts."
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Dubai contractor Arabtec reveals job losses as part of staff shake-up | The National
Dubai contractor Arabtec reveals job losses as part of staff shake-up | The National:
"The contractor Arabtec has announced that several senior staff are to leave the firm as part of a restructuring of operations to cut costs.
The company said its chief financial officer Iyad Abdul Rahim, its human resources and administrative officer Yazan Hatamleh, and its general counsel Wassel Al Fakhoury were all set to leave the business.
Arabtec said that its board of directors had recently told senior management to “implement a plan for continuing to foster the company’s growth and expansion”."
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"The contractor Arabtec has announced that several senior staff are to leave the firm as part of a restructuring of operations to cut costs.
The company said its chief financial officer Iyad Abdul Rahim, its human resources and administrative officer Yazan Hatamleh, and its general counsel Wassel Al Fakhoury were all set to leave the business.
Arabtec said that its board of directors had recently told senior management to “implement a plan for continuing to foster the company’s growth and expansion”."
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Adia in the hunt for $6.7bn Australian property portfolio | The National
Adia in the hunt for $6.7bn Australian property portfolio | The National:
"The Abu Dhabi Investment Authority (Adia) is among the bidders for a US$6.7 billion Australian property portfolio.
The sovereign wealth fund is understood to be bidding with Dexus Property Group for the real estate being sold by Morgan Stanley’s Investa Property Group. Adia declined to comment and Dexus was not immediately available.
Blackstone Group and Brookfield Asset Management are also among the bidders, Bloomberg reported earlier citing unidentified people with knowledge of the matter."
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"The Abu Dhabi Investment Authority (Adia) is among the bidders for a US$6.7 billion Australian property portfolio.
The sovereign wealth fund is understood to be bidding with Dexus Property Group for the real estate being sold by Morgan Stanley’s Investa Property Group. Adia declined to comment and Dexus was not immediately available.
Blackstone Group and Brookfield Asset Management are also among the bidders, Bloomberg reported earlier citing unidentified people with knowledge of the matter."
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Abdullah Al Ghurair gives third of assets to charity | GulfNews.com
Abdullah Al Ghurair gives third of assets to charity | GulfNews.com:
"Leading United Arab Emirates businessman Abdullah Ahmad Al Ghurair has donated a third of his assets to an educational foundation as part of a charity drive, he said on Tuesday.
Ghurair is the father of billionaire Abdulaziz al-Ghurair, chief executive of Dubai-based Mashreq bank, one of the emirate's biggest lenders.
The foundation will initially aim to spend Dh 4.2 billion ($1.1 billion) over the next 10 years on educating underprivileged UAE and Arab youths, Ghurair told a news conference."
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"Leading United Arab Emirates businessman Abdullah Ahmad Al Ghurair has donated a third of his assets to an educational foundation as part of a charity drive, he said on Tuesday.
Ghurair is the father of billionaire Abdulaziz al-Ghurair, chief executive of Dubai-based Mashreq bank, one of the emirate's biggest lenders.
The foundation will initially aim to spend Dh 4.2 billion ($1.1 billion) over the next 10 years on educating underprivileged UAE and Arab youths, Ghurair told a news conference."
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Time for renewed action on GCC economic union | GulfNews.com
Time for renewed action on GCC economic union | GulfNews.com:
"As I have noted in previous columns, the Gulf economies have not significantly been affected by the steep decline in oil prices. So much so, even a full year after oil went downhill, the economies are still achieving good growth numbers.
And while the decline has affected general budgets, it has not impinged on domestic liquidity, limited as it is to some non-core expenditure. Actually, the reduction in state budgets comes as a positive move to reduce the load on them through removing some unnecessary burdens.
As for political events and the instability in the region, the Gulf countries have dealt with great wisdom. Despite attempts to disturb security in some Gulf states, these have failed due to security measures and thanks to the awareness of citizens, who are keen on their leaders, abide by the law and lay great store on their countries’ stability."
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"As I have noted in previous columns, the Gulf economies have not significantly been affected by the steep decline in oil prices. So much so, even a full year after oil went downhill, the economies are still achieving good growth numbers.
And while the decline has affected general budgets, it has not impinged on domestic liquidity, limited as it is to some non-core expenditure. Actually, the reduction in state budgets comes as a positive move to reduce the load on them through removing some unnecessary burdens.
As for political events and the instability in the region, the Gulf countries have dealt with great wisdom. Despite attempts to disturb security in some Gulf states, these have failed due to security measures and thanks to the awareness of citizens, who are keen on their leaders, abide by the law and lay great store on their countries’ stability."
'via Blog this'
UAE economy to grow at a healthy rate this year: Standard Chartered | GulfNews.com
UAE economy to grow at a healthy rate this year: Standard Chartered | GulfNews.com:
"The UAE economy is expected to grow at a relatively healthy rate of 3.8 per cent in 2015, lower than the 2014 growth of 4.5 per cent, according to Standard Chartered’ s Global Focus report.
While Dubai’s tourism and retail sectors are expected to face a more challenging environment, the outlook for the its trade sector dynamics is improving as the hub for 55 per cent of the region’s trade, Dubai benefits from ongoing trade flows as well as GCC countries continue to spend on their economies.
“We now estimate that Dubai’s trade sector will grow by a more robust 7 per cent in 2015 (against our earlier projections of 4.5 per cent) as improving regional trade dynamics support trade flows through Dubai ports,” said Shady Shaher, an economist with Standard Chartered."
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"The UAE economy is expected to grow at a relatively healthy rate of 3.8 per cent in 2015, lower than the 2014 growth of 4.5 per cent, according to Standard Chartered’ s Global Focus report.
While Dubai’s tourism and retail sectors are expected to face a more challenging environment, the outlook for the its trade sector dynamics is improving as the hub for 55 per cent of the region’s trade, Dubai benefits from ongoing trade flows as well as GCC countries continue to spend on their economies.
“We now estimate that Dubai’s trade sector will grow by a more robust 7 per cent in 2015 (against our earlier projections of 4.5 per cent) as improving regional trade dynamics support trade flows through Dubai ports,” said Shady Shaher, an economist with Standard Chartered."
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Investors eye Iranian opening - FT.com
Investors eye Iranian opening - FT.com:
"Interested in a stock market trading on a price/earnings multiple of 5.35 and with a dividend yield of 13.7 per cent?
A market that has less than 1 per cent foreign ownership but could become the largest frontier market with a weighting of 20-25 per cent in the next few years?
There’s a catch of course. It is very difficult for western investors to access Iran, the country in question. But that could change as soon as this week, should negotiations in Vienna aimed at easing economic sanctions on Tehran in exchange for permanent curbs on its nuclear programme prove successful."
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"Interested in a stock market trading on a price/earnings multiple of 5.35 and with a dividend yield of 13.7 per cent?
A market that has less than 1 per cent foreign ownership but could become the largest frontier market with a weighting of 20-25 per cent in the next few years?
There’s a catch of course. It is very difficult for western investors to access Iran, the country in question. But that could change as soon as this week, should negotiations in Vienna aimed at easing economic sanctions on Tehran in exchange for permanent curbs on its nuclear programme prove successful."
'via Blog this'
FT Explainer: Oil re-enters bear market - FT.com
FT Explainer: Oil re-enters bear market - FT.com:
"Oil re-entered a bear market on Tuesday extending the previous day’s losses, when Brent crude — the international benchmark — recorded its biggest one-day sell-off since February.
After dropping more than 6 per cent on Monday, Brent fell a further 2 per cent in the next trading session to $55.40 a barrel. It is down more than a fifth from its year-high of $69.63 a barrel reached during intraday trading in May.
When prices fall by 20 per cent from their peak, this is commonly defined as a bear market. The renewed sell-off comes a year after the oil market started its descent from above the $100 a barrel level it had averaged for most of this decade."
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"Oil re-entered a bear market on Tuesday extending the previous day’s losses, when Brent crude — the international benchmark — recorded its biggest one-day sell-off since February.
After dropping more than 6 per cent on Monday, Brent fell a further 2 per cent in the next trading session to $55.40 a barrel. It is down more than a fifth from its year-high of $69.63 a barrel reached during intraday trading in May.
When prices fall by 20 per cent from their peak, this is commonly defined as a bear market. The renewed sell-off comes a year after the oil market started its descent from above the $100 a barrel level it had averaged for most of this decade."
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