First Gulf Bank gains as lender pays off debt
- United Arab Emirates: Monday, March 04 - 2013 at 14:13
The ADX General Index declined by 0.25% to close at 3,038.94 points. First Gulf Bank bucked the trend by finishing Monday trading 0.40% higher at Dhs13.50. Earlier in the day, FGB said it has repaid its entire debt of Dhs4.5bn to the UAE ministry of finance ahead of maturity "on the back of its very strong financial position by end of 2012." Investors were unconcerned on the progress of the merger between Abu Dhabi's biggest developers Aldar Properties and Sorouh Real Estate. Shares of the two firms fell 4.50% and 3.20%, respectively. Both developers got Sunday their nod from shareholders to go ahead with the merger which was planned a year ago.
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