Hinduja’s Hope To Raise $1Billion With Saudi’s Petromin IPO
Saudi Arabia : 02 June
Hinduja Group, the vast family owned business group, has announced that it intends to sell 30 percent of its subsidiary company, Petromin, so it can raise between $800million to $1billion in 2010.
Petromin, a lubricants maker and a joint undertaking between the Gulf Oil International Group (which belongs to the Hinduja group) and the Dabbagh Group of Saudi Arabia, will launch its initial public offering (IPO) later this year, after ‘finalising the timeline’ according to, Sanjay Hinduja, Chair of Gulf Oil International.
The firm, which sees yearly revenues of $500million, has appointed HSBC affiliate Saudi British Bank to oversee the IPO.
Andrew Reid, Staff Writer, Gulf Jobs Market NewsDubai Holding Commercial Operations Group, a company almost wholly owned by Sheikh Mohammed bin Rashid al-Maktoum, the ruler of the Emirate, has caused further concern about the state of Dubai’s economy by posting losses of $62 billion for 2009.
The company saw net profits of $4.7 billion in 2008 but has now stated that it might [...]
The Industrial and Commercial Bank of China Ltd., (ICBC) has stated that it is willing to finance Abu Dhabi’s Union Railways project which would extend the UAE’s railways to a 1,500 km network.
ICBC Bank Executive, Yi Huiman, said today that, working in co-operation with China’s Ministry of Railways, the aim was to provide ‘railways with finance’ [...]
Dubai’s Department of Economic Development has seen a 61% increase in licences issued since April 2009.
The bulk of the 1,393 new licences, 1,060 in all, were given in the commercial sector, with ready-to-wear clothing businesses topping the list in this area. The professional category of businesses saw 305 licences issued, with the restaurant trade leading the [...]
Dubai investors were given the jitters at the end of last week when the investment arm of Dubai International Capital, Dubai Holding, asked for a delay in the payment of its first tranche of debt.
The request, for repayments to begin in September, instead of the agreed date of June, came only a few days after [...]
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