US dollar stable against KD at 0.306
The exchange rate of the US dollar was stable against the Kuwaiti dinar at 0.306 while the euro went down to KD 0.219, said the Central Bank of Kuwait (CBK) yesterday. The CBK added that the rate of the pound sterling was stable at KD 0.375 while the Swiss franc went down to KD 0.297. The Japanese yen was still at KD 0.002.
Egypt buys 55,000 tons of sugar directly CAIRO/HAMBURG:
The purchase of 55,000 tons of sugar by Egypt’s state commodity buyer GASC on Monday was a direct, non-tender deal, traders said yesterday. GASC, the General Authority for Supply Commodities, said on Monday had bought the white sugar for delivery between Jan 7 and Jan 20. Dealers said on Tuesday the purchase was made in Egyptian pounds from Multitrade/ED&F Man. No price was available. “This was direct purchasing without a tender being issued,” one European trader said. “We did not know anything about it before it was reported on Reuters.” GASC was not immediately available for comment yesterday. GASC had cancelled to previous international tenders to buy 55,000 tons of white sugar on Dec. 10 and Dec. 21. Traders said that only one supplier submitted an offer in each of the cancelled tenders. “One offer is not sufficient to constitute a tender and GASC has been struggling to attract more offers,” another European trader said. “I suspect a decision was made to undertake a direct, non-tender purchase.” “We do not have the details but my feeling is that GASC may well have paid more in the private deal than in an international tender,” the trader said.
Parmalat shares jump on buyout offer
Shares in Italian dairy Parmalat soared 10 percent yesterday after its leading investor offered to buy out other shareholders and take the company private. Lactalis, one of the world’s biggest dairy groups, offered to buy the remaining 12.26 percent of the company it took control of following a 3.4-billion-euro hostile takeover in 2011. “After more than five years as leading shareholder of Parmalat, Lactalis Group intends to provide Parmalat with a new dynamic, which can be more easily and effectively achieved in the long term without recourse to the stock market,” said the French group, the world’s top producer of cheese and the company behind President camembert. Lactalis said the offer price of 2.80 euros per share was a premium of almost 15 percent over Parmalat’s average stock price during the past three months, and was at a level unseen since 2011. If successful, Lactalis will spend 636 million euros to gain full control.
SABB offers 0.35 riyals/share dividend for H2 2016
Saudi British Bank (SABB), the kingdom’s sixthlargest bank by assets, said yesterday its board had proposed a cash dividend of 0.35 riyals ($0.0933) per share for the second half of 2016. This is in line with the bank’s payment of 0.35 riyals for the same period last year.
SRINAGAR: A Kashmiri woman carries freshly smoked fish in a basket on the outskirts of Srinagar yesterday. The smoked fish which is known locally as ‘Fahre’ is prepared by slowly smoking over grass, is one of the traditional foods in the Himalayan state, and is usually consumed as part of the Kashmiri winter cuisine. —AFP