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Emaar slips, Shuaa soars, Du takes break at DFM
- United Arab Emirates: Monday, December 10 - 2012 at 15:56
The DFM General Index closed insignificantly higher at 1,613.47 Monday as 109m shares worth Dhs99.72m changed hands. After hitting a two-year higher yesterday, Emaar fell half a percentage point to close at Dhs3.76. Investment bank Shuaa Capital, whose price-to-book value stands at 0.49, jumped 6.37% to hit Dhs0.534. Shares of the UAE's second telco firm Du have been halted from trading for today by the market regulator SCA after the UAE government set for the first time a royalty rate for Du and its rival Etisalat. Du will have to pay a 17.5% royalty on its 2012 profits. In addition, Du will pay 5% on revenues of this year. Ahmad bin Byat, Chairman of du, said that the company "welcomes today's decree on royalties by the Ministry of Finance. This decision provides us with visibility for 2012 and subsequent years, giving du and its stakeholders a sustained period of certainty in terms of our liability with respect to royalties payable to the Federal Government until 2016." The royalty rate for profits wil increase step by step to 30% for the years 2015 and 2016. du is 39.5% owned by Emirates Investment Authority, 20.08% by the Abu Dhabi-based Mubadala Development Company, 19.5% by Emirates Communications and Technology. The remaining stake is owned by public shareholders.
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Gérard Al-Fil, Financial JournalistMonday, December 10 - 2012 at 15:56 UAE local time (GMT+4)
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