Almarai gets nod

SAUDI Arabia’s Almarai has received shareholder approval to increase its capital by 50 per cent to SR6 billion ($1.60 billion), the dairy firm said in a statement.

The company will increase the number of shares to 600 million from 400 million by issuing one bonus share for every two outstanding shares. Each share has a nominal value of 10 riyals.

The capital increase will support Almarai’s SR15.7 billion five-year capital funding programme, according to a statement to the Saudi bourse.

Almarai recently mandated four banks to arrange the sale of a SR1.7 billion Islamic hybrid bond or sukuk.

Stirling tie-up

STIRLING Group, a leading provider of health, safety, security, environment and support services to the oil and gas industry in the region, has joined forces with security and safety provider Olive
Group Capital.

The move consolidates both organisations’ experience in high-risk and fast developing environments to ensure client safety and operational efficiency, focusing on markets such as Algeria, Iraq, Kurdistan, Kuwait, Libya and Saudi Arabia but operating across the Middle East and Africa, said a senior executive in a statement.

IPSA presence at DIFC

IPSA International, a global risk advisory firm, has opened within the Dubai International Financial Centre (DIFC) in a strategic expansion initiative to have client-facing offices in major financial centres.

The new IPSA office will be directed by Kenneth (Kim) Marsh.

Swift opens office

SWIFT Worldwide Resources, a UK-based supplier of manpower to the oil and gas industry, has opened its new office in Kuwait.

The new office, located in the Ajial Mall Complex at Fahaheel, will focus on placing oil sector engineers – mechanical, structural, corrosion and piping – along with skilled workers for refineries, tanks and oil pipelines, said a senior official.

"This is a great time for us to be in this area," said Swift CEO Tobias Read.