24/02/2015 07:09 AST
Weakness in the regional markets weighed on the MSM30 Index which closed at 6,619.81 points, down by 0.22 per cent. The MSM Sharia Index decreased by 0.18 per cent to close at 999.78 points. Al Anwar Holding was the most active in terms of volume as well as turnover. Al Maha Petroleum, up by 3.67 per cent, was the top gainer of the day while Al Batinah Development, down by 4.95 per cent, was the top loser of the day.
A total number of 758 trades were executed during the day's trading session generating turnover of OMR2.76 million with more than 10.64 million shares changing hands. Out of 46 traded stocks, five advanced, 24 declined and 17 remained unchanged. Omani investors were net buyers for OMR385,000 while Foreign Investors were net sellers for OMR225,000 followed by GCC & Arab Investors for OMR160,000 worth of shares.
Financial Index decreased by 0.58 per cent to close at 8,242.86 points. Al Anwar Holding, up by 0.76 per cent was the only sector gainer. Al Batinah Development, Taageer Finance, Al Sharqia Investments, ONIC Holding and Oman & Emirates Holding decreased by 4.95 per cent, 3.53 per cent, 3.06 per cent, 2.82 per cent and 2.76 per cent respectively.
Industrial Index ended the day at 8,717.34 points, down by 0.20 per cent. Construction Materials, Oman Fisheries, Galfar Engineering, Al Anwar Ceramics and Gulf International Chemicals decreased by 2.63 per cent, 1.43 per cent, 1.21 per cent, 0.81 per cent and 0.42 per cent respectively.
Services Sector Index gained 0.27 per cent to close at 3,591.64 points. Al Maha Petroleum, Sembcorp Salalah, Al Kamil Power and Port Services increased by 3.67 per cent, 0.88 per cent, 0.65 per cent and 0.65 per cent respectively. OIFC, Al Jazeera Services, Renaissance Services and Al Batinah Power declined by 1.22 per cent, 1.00 per cent, 0.85 per cent and 0.55 per cent respectively.
Empower mulls share sale
Emirates Central Cooling Systems Corp., which provides air-conditioning in Dubai, is studying an initial public offering and seeking Dh1 billion ($272 million) of loans to fund expansion.
Empower, as the company is known, is in talks with banks to borrow Dh700 million now and another 300 million dirhams in three months, Chief Executive Officer Ahmad Bin Shafar said in Dubai on Monday. The IPO would involve selling at least a 40 per cent stake, he said. Two acquisitions in Dubai and Abu Dhabi are also being considered, Bin Shafar said.
"Empower is now a large company and it's better for everyone that it becomes a public company," he said. He declined to provide names of possible IPO advisers or identify the potential acquisitions.
Empower was founded in 2003 as a venture between Tecom Investments, a unit of Dubai Holding, and the Dubai Electricity & Water Authority (Dewa). It provides chilled water to buildings for air-conditioning. High temperatures in Dubai average more than 30 degrees Celsius (86 degrees Fahrenheit) from April to November, according to World Weather Online.
Empower has Dh2.1 billion in debt after paying Dh350 million last year, Bin Shafar said. Profit climbed 65 per cent to Dh410 million as revenue expanded 76 per cent to Dh1.5 billion, he said.
The National
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