Issue : January 1999
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Local pipemaker Eternit has filed for protection against its creditors as trade in the firm's shares on the Beirut Stock Exchange was suspended. The move follows losses of more than $5 million in 1997 and the expectation of further losses for 1998. Local finance house Lebanon Invest, which runs the investment fund Lebanon Holdings that paid $4.4 million for a 30 per cent stake in Eternit last year, is now conducting negotiations with major banks to finalise a restructuring plan.
LEBANON: Bank prepares $100 million GDR issueSubscription
A global depositary receipt (GDR) issue worth $100 million, to be managed by local brokerage Fidus and ABN AMRO, is being planned by Banque Libano- Francaise. The local bank had planned to launch the issue last year but continuing turmoil in emerging markets curbed investor appetite for Lebanese banking stocks. Byblos Bank had planned a similar issue last year but has so far failed to enter the market. Plans by property company Solidere for a $70 million GDR issue have been on hold ...
KUWAIT: IN BRIEFSubscription
Six firms have been invited to bid by 6 February to reconstruct the northern and southern oil jetties at Mina al-Ahmadi refinery. Prequalified firms include Germany's Ed Zueblin, the UK's Christiani & Nielsen, Athens-based Consolidated Contractors International Company (CCC), the local Mohamed Abdulmohsin Kharafi & Sons and Saudi Arabia's Saudi Archirodon Overseas. The client is Kuwait National Petroleum Company.
KUWAIT: NBK earnings grow 9 per centSubscription
The country's leading commercial bank, National Bank of Kuwait (NBK), posted record net profits of KD 80 million
The government has stopped imports of French products, apparently in reaction to not being invited to a Franco-African summit held in Paris in November last year. The decision to ban deliveries of French goods was made that month, diplomatic sources say. Staple foods appear to have escaped the ban.
JORDAN: IN BRIEFSubscription
Jordan's trade protocol with Iraq for 1999 is to be lowered in line with the decline in world oil prices. Trade & Industry Minister Mohammad Saleh Hourani said on 25 January that Jordan's oil bill with Iraq was expected to decrease and that he would discuss new rates for oil exports during a visit to Iraq sometime before the end of January. The two sides have already signed an agreement on the supply of 4.8 million tonnes of crude oil and by-products. Jordan's current trade protocol ...
JORDAN: Bids in for IPP consultancySubscription
Financial offers were opened on 23 January for advisory services on the evaluation of construction bids and contract negotiations to the Energy & Mineral Resources Ministry for Jordan's first major independent power project (IPP). The four companies are K&M Engineering & Consulting Corporation and Fieldstone, both of the US, Germany's Fichtner and London-based NOM & Sons. Details of the offers were not revealed. K&M worked on the preparation of tender documents.
IRAQ: IN BRIEFSubscription
Russian officials have denied rumours that the country plans to sell wheat to Iraq, a US Agriculture Department official said on
IRAQ: Military confrontation escalatesSubscription
The confrontation between Baghdad and the US-led alliance was escalating in late January as the two sides committed themselves to tough military action. Baghdad has failed in its latest efforts to enlist Arab support and is also stepping up its war of words against Saudi Arabia and Kuwait.
IRAN: IN BRIEFSubscription
Saga Petroleum of Norway has requested talks with the National Iranian Oil Company (NIOC) over developing the Dehloran and Cheshmeh-Khosh oil fields, Saga said in a statement in late January. 'An application...has been submitted' and 'possible talks over the Dehloran and Cheshmeh-Khosh fields will clarify whether a basis exists for Saga to invest in Iran's oil industry', the company said. Saga announced its intention to take a stake in projects in Iran in June and was later awarded ...