Business World

Sunday 20 October 2019

Saudi Prince buys $300m Twitter stake

TWITTER, the microblogging service with more than 100 million users, received a $300m investment from Saudi Prince Alwaleed bin Talal as it pushes through a redesign of its site to attract advertisers.

Alwaleed, who leads the 2011 Arab Rich List, and his investment company agreed to buy a "strategic stake" which is over 3pc. That would give the San Francisco-based company a valuation exceeding $10bn.

Equity group eyes struggling firms


BETTER Capital, the listed private equity group established by Jon Moulton, is hoping to raise up to £200m (€238m) to buy more struggling companies across the British Isles.

Petroceltic to sell Algerian gas stake


OIL and gas firm Petroceltic has won approval from the Algerian government to sell an 18pc stake in its Algerian gas field to Italy's Enel in a deal that could be worth up to $180m (€138m). "We are delighted to announce that the final approval in Algeria of the Enel transaction has been granted," chief executive Brian O Cathain said in a statement.

Aventine in default of company law


THE Office of the Director of Corporate Enforcement (ODCE) has written to the directors of Aventine Resources after the company apparently said no audited accounts would be presented to shareholders at its forthcoming AGM, stating the company was breaching the law.

UTV's commercial director to retire


MEDIA group UTV has said Jim Downey will retire as group commercial director at the end of the year. Mr Downey joined UTV in 1998 and was appointed as finance director in November 2000, before becoming commercial director in 2006.

Being appointed group commercial director on December 15, 2006.

Irish Independent

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