Environment Minister Steven Guilbeault says Canada will eliminate the routine venting and flaring of oil and gas infrastructure
He said the IPO would involve issuing new shares. He also told Zawya Dow Jones that Amwal Al Khaleej is co-ordinating the transaction with other shareholders. A spokesperson for the private equity firm also confirmed that an initial public offering (IPO) would be taking place. "We are in the planning process for execution within 2008," he said.
Damas has been considering an IPO for sometime. In July last year Damas' chairman, Tawhid Abdullah, said an IPO of between Dh3.5 billion and dh4.5 billion was on the cards. He suggested that it could take place by the end of last year after new regulations allowing founders of family companies to keep up to 70 per cent of their family-owned company's equity were introduced. The new rules came into force in August, moving the threshold of family ownership up from 45 per cent.
Alkudairy also told Zawya Dow Jones that Amwal plans a new fund that will bring the value of Amwal's assets close to SAR4 billion. He said the company is looking at 10 private equity deals around the Gulf at present and that it would be announcing a deal with an Abu Dhabi company in two weeks.
On Monday Amwal also announced that it had acquired a 49 per cent stake in Dubai Contracting Company (DCC) for an undisclosed sum. The acquisition was made through a special purpose vehicle (SPV) that is solely managed by Amwal Al Khaleej, AK XII. Investors in the SPV include Goldman Sachs and Credit Suisse. DCC's project portfolio includes the Fairmont Hotel in Dubai, the headquarters of Abu Dhabi Commercial Bank and the Capricorn Tower. An IPO of DCC shares will also take place although a timeframe has not yet been given.
Hruncakova and Snigur in fine form as Gulf region's oldest tournament for women opens
Former fast bowler Johnson hit out after Warner kept his spot in Australia's squad to face Pakistan in the first Test
Israeli military has ordered the evacuation of nearly two dozen neighbourhoods in and around Khan Younis
Flights were delayed at some of Moscow's airports as the capital witnessed some of the biggest snowfalls ever
Bavuma and fast bowler Kagiso Rabada will play no part in the limited overs series in order to prepare for the two Test matches against India