DUBAI: Al Moammar Information Systems Co. (MIS) expects the development of its recently announced data fund to start within six months, vice chairman Ibrahim Al-Moammar told Argaam. MIS and Saudi Fransi Capital (SFC) are planning to study the possibility of offering the fund to the public at a later stage, if it is value-accretive to shareholders, after obtaining the necessary
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DUBAI: Emaar The Economic City has hired Saudi Fransi Capital to advise on a capital increase through the conversion of a SR2.83bn ($753 million) loan owed to the Public Investment Fund.
It comes after a tough year for the developer behind King Abdullah Economic City as the pandemic slowed major construction projects worldwide.
“The reason for the debt conversion is to improve the company’s liquidity and credit position and enhance its ability to achieve its growth objectives,” the developer said in a stock exchange filing on Thursday. “The capital increase will not result in any financial liability on or require any cash contribution by the company’s shareholders.”
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DUBAI (Reuters) - Saudi Tadawul Group has short-listed three local and three foreign banks for potential advisory roles in the financial market company’s upcoming initial public offering (IPO), three sources said.
Citigroup, JPMorgan and Morgan Stanley were chosen, along with the securities unit of Saudi National Bank, Saudi Fransi Capital and HSBC Saudi Arabia, the sources said.
Tadawul, the kingdom’s bourse operator, is expected to chose one local bank and potentially one or two international banks for its listing, they said. A final round of pitching for roles is taking place this week, they added.
Tadawul did not immediately respond to a request for comment when contacted by Reuters on Wednesday. Citigroup, JPMorgan, Morgan Stanley and HSBC declined to comment. The units of Saudi National Bank and Saudi Fransi Capital were not immediately available for comment.