Riyad Capital on Tuesday reduced the price target for petrochemicals manufacturer Saudi Basic Industries (SASE:2010), d/b/a Sabic, to 50.00 Saudi riyals from 60.00 riyals and affirmed its neutral rating.
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Africa Energy (AEC.ST) raised gross proceeds of $4.5 million after closing a non-brokered private placement of common shares.The oil and gas exploration company issued 47 million shares at CA$0.135 apiece, according to a Wednesday release.Africa Energy will use the proceeds for general working capital purposes and to accelerate the development of its interest in block 11B/12B offshore South Africa.
Fitch Ratings on Tuesday lowered its long-term issuer default rating on Energean (ENOG.L) to B+ from BB-, with a stable outlook.The rating downgrade is attributed to the hydrocarbon exploration and production company's weaker-than-expected operational performance and lower projected run-rate production due to disruptions amid heightened tensions between Israel and other Middle Eastern countries.Fitch also noted that the company would need to ramp up its gas exports from Israel to deleverage, though the execution is subject to geographical and security risks.
Frontline (FRO.OL) agreed to sell two Very Large Crude Carrier, or VLCC, vessels for $270 million.The oil tanker company said in a Tuesday release that the sale is expected to result in net cash proceeds of $179 million. The 2017-built vessels are expected to be delivered to the buyer in the third quarter.The sale remains subject to customary closing conditions.