DUBAI: Shareholders of Qatar’s Gulf International Services (GIS) have approved the transfer of part of parent firm Qatar Petroleum’s stake in the company to a state pension fund, the country’s Energy Minister said, according to a local newspaper.
The state’s General Retirement and Pension Authority will increase its holding to 21.4 percent from 1.4 percent, Al Arab newspaper reported earlier this week, citing Minister for Energy and Industry H E Dr Mohammed bin Saleh Al Sada, who is also Chairman of GIS and Qatar Petroleum (QP).
Shareholders had been due to meet on Sunday to agree an amendment to GIS’ articles of association which had previously prohibited any company other than QP and its units from owning more than one percent of GIS, an October 18 regulatory filing said.
QP, which spun off 70 percent of GIS in a 2008 share sale, had owned 30 percent of the company, according to GIS’ second-quarter results.
The transfer to the GRPA from QP is unlikely to have much impact on GIS’ share price as state entities were retaining the same stake as before and they were generally passive investors, said Yassir Mckee, head of brokerage at Doha-based Al Rayan Financial Brokerage.
“The shifting from one side to another is sometimes more strategic and in line with each entity’s future growth plans and investment goals, especially with the limited investment options available for GRPA compared to QP,” he said.
ArcelorMittal rating downgraded by Moody’s
PARIS: Moody’s downgraded yesterday ArcelorMittal’s long-term credit rating by one notch to Ba1, putting it into speculative or ‘junk’ territory, saying the deterioration in steel markets means the company can no longer reduce its debt enough to keep an investment grade mark.
“The downgrade reflects the deterioration in global steel markets over the last six months,” said Moody’s, pointing to the company posting its worst performance in three years last quarter.
ArcelorMittal, the world’s top steelmaker, had an operating loss and its gross debt rose in the third quarter.
EGAS pushes back bidding deadline
ABU DHABI: Egypt’s state-owned Egyptian Natural Gas Holding Company (EGAS) has postponed by three months the closing date for international companies to present bids for 15 oil and gas concessions due to weak interest in the tender.
EGAS has pushed back the deadline for bidding to February 13 from November 14, an EGAS official told Reuters after a posting on the company’s website showed the change of dates. EGAS announced the bidding in June for the exploration blocks in the Mediterranean and Nile Delta basins.
Agencies
