QIC okays 105% dividend; IFSC announces 100%
DOHA: Qatar Insurance Company (QIC) and Islamic Financial Securities Company (IFSC) have recommended a total of 105% and 100% dividend respectively to their shareholders for the current year. At its board meeting, the insurer suggested 30% cash dividend and 75% bonus shares, said a news item posted on the Doha Securities Market website.
The recommendations would be submitted to the company’s annual general assembly to be held during the first quarter of next year and after obtaining the necessary approvals from the Ministry of Business and Trade, said its spokesman. QIC had made a 54% jump in first nine-month net profit to QR515.88mn mainly on faster growth in investment earnings. IFSC, a stock broking firm, announced that its board suggested transferring the 100% cash dividend to share capital account for repaying the unpaid portion. IFSC’s net profit jumped more than five-fold to QR18.17mn on substantial surge in brokerage and commission earnings in January-September.
Boeing sees robust growth
DOHA: Boeing has projected robust airline growth in the Middle East with the regional demand put at 1,580 aircraft worth $260bn by 2026. Worldwide, Boeing projects investments of $3.2tn for 29,400 new commercial planes to be delivered over the next 20 years. The Chicago-based aircraftmaker presented its Middle East 2008 Current Market Outlook (CMO) on the eve of the AVEX Airshow & Aviation Exhibition in Sharm el Sheikh yesterday.
“Air travel has grown faster in the Middle East than in any other world region, averaging more than 12% over the last five years,” said Drew Magill, director for marketing at Boeing Commercial Aircraft. “Today, we have some 326 aircraft in service in the Middle East region with 43 airline customers and we expect continued robust air traffic growth that will exceed the world’s average,” he said. Approximately 60% of the 1,580 new airplanes being delivered to the Middle East over the next 20 years will be used to meet growing demand in the market.
Qtel still in talks with Bapepam
DOHA: Qtel has said it was still in consultation with Bapepam, Indonesia on the tender offer price for Indosat.
Referring to reports published in some Indonesian newspapers to the effect, Qtel said, “We refer to certain claims published in Indonesian newspapers on November 5 claiming that we had sent a letter dated October 31 to Bapepam agreeing to carry out the tender offer for Indosat at 7,388 rupiahs per share. This is incorrect. There was no such confirmation or agreement to this particular tender offer price.”
Al Khaliji pays $250mn for BLC
MANAMA: Al Khaliji bank said yesterday it agreed to acquire BLC Bank (France) for $250mn.
The bank acquired a European Union-wide banking license as well as BLC’s four branches in the UAE and one branch in Paris. Al KhalIji said in a statement posted on the Qatari bourse website the rebranding and integration of BLC will be completed over the next six months, with all 130 BLC employees being taken over.
‘Qatar Airways eyes Olympic stake’
ATHENS: Qatar Airways and Spain’s Iberia Lineas Aereas de Espana are among investors that have expressed an interest in the privatisation of state-run Olympic Airlines, the Greek government said yesterday. Others include Ferrovial subsidiary Swissport International, American charter companies SkyOne and Chrysler Aviation, budget carriers SkyEurope and My Air and ground-handling-operations company Goldair.
Greek construction group Ellaktor and Kuwait’s Fouad Al Ghanim Group have also expressed an interest, as have several investment funds that have requested that their identities be withheld. – Business Reporters, Agencies |
