Kuwait Stock Exchange Daily Morning Brief 12-06-2012

News & Views

• Saudi's Dar Al Arkan now has sufficient liquidity to repay the SAR3.75bn ($1bn) Sukuk due in July, S&P said. S&P affirmed Dar Al Arkan's 'B+' long-term corporate rating and removed it from CreditWatch.
• Oman will issue a 10-year, OMR 100mn ($259mn) sovereign bond later this month, proceeds of which will help bridge the budget deficit. The bonds, to be issued on June 19, carry an annual coupon rate of 5.5%, central bank governor said.
• Kuwait Finance House Bahrain, the advisor to Capivest, Elaf Bank and Capital Management House on a potential merger, said that the shareholders will vote on the merger by the end of the month. If approved, the newly created entity will have an equity of almost $350mn and assets of $400mn.