SHUAA Capital, an investment banking institution in the UAE, has announced that it has secured the approval to launch the initial public offering (IPO) for the shares of Gulf Navigation Holding (GNH) on July 15, pursuant to the approval of the offering prospectus. The subscription period is to last for two weeks and the offering is slated to close on July 29. The company plans to raise AED910 million, representing 55 percent of the company’s share capital to be allocated over 910 shares at an offer price of AED1 per share, in addition to AED0.02 as offering costs. The IPO will only be open to UAE and GCC nationals, both individuals and institutions. GNH is an operator in the field of liquid cargo transportation, specializing in the shipping of crude, oil and chemical products in the region.
SARAWAT DESIGNERS
During a recent visit to the Kingdom, Heidelberg board members from Germany visited Sarawat Designers & Printers in the Kingdom. Bernhard Schreier, chairman of Heidelberger Druckmaschinen AG, Dr. Herbert Meyer, CFO, Heidelberger Druckmaschinen AG, and Shahid Hafiz, CFO, Heidelberg Middle East Group, met Abdul Aziz Al-Ghamdi, owner of Sarawat and head of the Printers Association for the Western Province. Future plans and strategies of Sarawat and the development of the printing industry in the region were discussed. Al-Ghamdi also proposed the implementation of Heidelberg’s ‘Operator training program’ in Saudi Arabia. Targeting print operators in the region, Sarawat will manage and Heidelberg specialists supervise the training program.
3M/MMG
3M Gulf Ltd. and Mohammed Al-Mojil Group (MMG) recently held an event to mark 10 years of their association, in Jeddah. 3M Gulf has been offering innovative industrial products through the strong logistical and technical support of their distributor MMG. This event was an opportunity to showcase this strong relationship, as well as to invite customers to experience the portfolio of products and meet senior management from both companies. 3M Gulf Sales Manager for Industrial Division Kevin Miranda opened the event by emphasizing the strength of the 3M/MMG partnership and thanking customers for their continued loyalty and support. 3M Gulf’s Country Business Leader for Industrial Markets Peter Lomax presented 3M’s innovative philosophy and high ethical standards.
AXIS GROUP
Axis Group International has launched Layl perfumes including fragrances from Abdul Samad Al-Qurashi-House of Oud in the Middle East-Gulf region. Layl products are for daily use for personal care, says Jeddah-based Axis Group General Manager Mohammad Adnan Maksoud. “Layl products are manufactured with utmost care to preserve their unique quality through ongoing research and experiments in collaboration with the pioneers of oriental fragrance manufacturing, Abdul Samad Al-Qurashi,” he said, adding that Layl products are for daily use aimed at comfort and vigor. “These modern products are being manufactured in oriental methods for the first time. We use them in our daily life for personal cleanliness, from the fragrance of oud and anti-bacterial liquid soap to moist tissue paper,” Maksoud added.
KRAFT
Oreo, the chocolate sandwich biscuits, recently invited selected mothers and kids to a “Fun Day” at Toyland at Sahara Mall, Riyadh. The fun filled event saw children playing a variety of physical, energetic games, centered on the Oreo secret ritual — “Twist, Lick, and Dunk,” from treasure hunts, hoola-hoop competitions and the loved Oreo “Dunk” game. All the kids were presented with Oreo gift packs and milk, and the winning team was awarded with free entrance passes into Toyland. Women were treated to Kraft goodie packs. Kraft Foods is claimed to be the world’s second-largest food and beverage company. For more than 100 years, it is dedicated to helping people around the world eat and live better. In more than 155 countries, consumers reach for their favorite Kraft brands.
BUPA MIDDLE EAST
BUPA Middle East, a major health care insurer in Saudi Arabia, hosted a meeting at the Jeddah Hilton on Tuesday night, with 200 hospital CEOs and specialist doctors attending a presentation by BUPA Group Medical Director Dr. Andrew Vallance-Owen. “BUPA seeks to help customers live healthier by providing appropriate, high quality clinical care with an outcome that benefits the patient,” he said and highlighted that clinical governance alone was not enough to ensure appropriate care and insurers had a role to play in motivating change whose value must be demonstrated to patients/members. As a real life case study, he discussed the cancer initiative, which insures BUPA members with cancer prompt treatment. He also presented a case study where the risk of death from beast cancer was lowered by 20 percent.
BPC/IBM
Banking Production Centre (BPC) and IBM have launched a joint strategic initiative that will offer “best-in-class” payment processing application functionality for banks. The alliance predominantly involves the BPC SmartVista transaction switching solution being adjusted to run in IBM’s iSeries native environment. The SmartVista Suite is a comprehensive, state-of-the-art family of closely integrated software applications designed to cater for the needs of organizations involved in the processing of electronic payments based on plastic cards and other personal payment tools. “In today’s banking environment, IBM iSeries technologies offer distinctive capabilities that allow financial organizations in the Middle East to set a new benchmark for convenient, flexible and reliable financial services,” said Wael Abdoush, manager of Systems and Technology Group, IBM Middle East, Egypt & Pakistan.
CATALOG SHOW
More than 220 Indian companies showcased their catalogs and brochures covering a vast field of industrial and commercial activity at a two-day event organized by the Consulate General of India (CGI) in cooperation with Abha Chamber of Commerce & Industry (ACCI) in Abha recently. ACCI Board Member Abdullah ibn Mesed El-Karni opened the show in the presence ACCI Secretary-General Dr. Mohammed ibn Yahya Al-Muzhir and Ashok Kumar, consul (commercial), CGI. Al-Muzhir said that the show was the first of its kind organized at the ACCI. The two-day show focused on companies dealing in textiles, readymade garments, food items, pharmaceuticals, machineries and equipment, electrical, building materials, chemicals, plastic and furniture items and household goods.
COCA-COLA
Coca-Cola has launched one of its biggest promotions ever in the Middle East. Until July, more than $2 million worth of prizes are up for grabs across Saudi Arabia, Bahrain and the UAE and Qatar. “Coca-Cola is making sure that you beat the heat, stay cool and refreshed throughout the sizzling summer season,” the company stated. And to make this more tempting, it’s offering the chance to win 11 top-of-the-range Toyota Land Cruiser vehicles, the latest Nokia 3250 mobiles with built-in MP3 players, dollars in cash prizes of different denominations, and millions of free Coca-Cola drinks. “You’ve to look out under the crown of any bottle or can for details on how you can win on your pack of Coca-Cola, Coca-Cola Light, Fanta Orange, Citrus and Strawberry, Sprite and Sprite Light,” the company said.
EVOLVENCE
Dubai-based Evolvence Capital, a major alternative investment company with offices in New York and New Delhi, has launched a $150 million Evolvence India Life Sciences Fund, a private equity fund that provides growth capital to Indian pharmaceutical and biotechnology companies. Khaled Al-Muhairy, who worked previously for the Abu Dhabi Investment Authority, is the CEO and founder of Evolvence Capital, which was set up in 2000. Evolvence, which has assets under management worth more than $750 million, provides investment opportunities in the alternative investment market to high net worth individuals and global institutional investors and the new fund is its latest investment vehicle focusing on the growing Indian investment opportunity. “Initial pre-launch meetings with a selected group of investors were very positive and there is already a strong demand from major institutional investors within the GCC,” said Al-Muhairy.
