Company news

Gulftainer

Gulftainer Company Limited (GTL) based in Sharjah started operations in the port of Recife in Brazil last month and handled their first vessel in the region. Gulftainer expanded its operations to Recife after meetings with various shipping lines indicated that productivity in the region was lacking, the Suape port being full and in a monopoly, with inadequate service levels and high costs. All lines either showed willingness to move to a GTL operation in Recife or specifically confirmed they would move as soon as possible once facilities were in place.

Gulftainer Group has been operating in UAE and around the world for over 35 years.

Qatar Insurance

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Qatar Insurance Co. said it received an offer from Qatar Holding LLC, the investment unit of the country’s sovereign wealth fund, seeking to raise its stake in the company.

Qatar Holding is seeking to “increase the company’s shares, followed by increasing the capital, by issuing new ordinary shares and the purchasing rights will be fully owned by Qatar Holding as a strategic partner,” Qatar Insurance said in a statement to the local stock exchange. The board agreed to sign a memorandum of understanding on the offer, it said.

ICBC

Saudi Arabia, the Arab world’s biggest economy, has given the Industrial and Commercial Bank of China Ltd. a licence to open a branch in the kingdom, the Saudi Press Agency reported, citing a cabinet statement yesterday.

The Saudi cabinet also authorized the Ministry of Finance to decide on any other requests by the Chinese bank to open additional branches, the official news service said.

City Cement

Saudi Arabia’s market regulator approved the 946 million-riyal ($252 million) initial public offering by City Cement Co. City Cement plans to sell 94.6 million shares a 10 riyals each, according to a statement posted on the regulator’s website.

Xtrata

Qatar Investment Authority said yesterday it bought 940,223 shares in diversified mining group Xstrata at £8.7944 and 539,705 shares at £8.804149, lifting its total holding including options to 340.25 million shares, or 11.332 per cent.