GAS Arabian Services has won approval from the company board of directors for the transfer of its entire 50% stake in FS Elliott Services Saudi Arabia to its joint venture FS Elliott Saudi Arabia. Following the deal, GAS will continue to hold an indirect 50% interest in FS Elliott Services Saudi Arabia through its JV.
Kuwait's Burgan Bank said the shareholders of United Gulf Bank (UGB) have approved a proposal to change its trade name to Burgan Bank Bahrain, thus advancing the strategy to strengthen its core Kuwait business while building a more connected and differentiated regional banking proposition.
Red Sea International, a specialist in modular construction and prefabricated buildings, has sought regulatory approval to raise SAR280 million ($73.7 million) through a rights issue of 28 million ordinary shares, which would boost its capital to SAR762.7 million ($201 million).
