Limitless has been in talks with creditors for nearly a year and in November floated a tentative proposal backed by future cashflows.
DIC has mandated Barclays to explore the options of the possible divestment, sources said.
The transaction was signed at the very end of 2014, sources said.
The company recommended a a cash dividend of 7 riyals ($1.92) per share for 2014.
Pioneers, a financial firm that already owns 25 per cent of Arab Dairy, is in a bidding war with Lactalis for Egypt’s Arab Diary.
Despite an overall decline, Q4 2014 saw growth in total M&A transactions in the Middle East and Africa region.
Dubai’s equities index rose 3.1 per cent while shares in bourse operator Dubai Financial Market surged 6.6 per cent.
If approved, Gulf investors will be allowed to own up to 100 per cent of Drake and Scull’s shares.
The company said that it will pay a dividend of QAR1.1 riyals ($0.30) per share for 2014.
The bank said that it recommended a cash dividend of SAR0.5 per share ($0.13) for the second half of 2014.
The Capital Market Authority said that Saudi British Bank could issue one bonus share for every two shares held.
The minister said on Wednesday that the Oman’s budget assumed oil prices would average $75 per barrel this year.
A possible merger of the Abu Dhabi Securities Exchange with the Dubai Financial Market has been discussed on and off for years.
The Abu Dhabi and Dubai stock markets have dropped sharply in the past several months as the slide in global oil prices has burst speculative bubbles in equities.
The Abu Dhabi Financial Centre will have its own administration, court system and tax incentives to attract banks and companies from around the world.
Online job postings in Banking, Finance, Services and Insurance (BFSI) saw the largest growth, rising by 27 per cent, the index showed.
Dubai’s bourse, which had suffered more than others and fallen 8.6 per cent this week, added 0.8 per cent in a broad recovery.
Diar, which had been Al Khaliji’s largest shareholders, moved 61.9 million shares in Qatar’s sixth-largest bank to QIA.
The company made a net profit of SAR200.8 million($53.5 million) in the fourth quarter.
Shareholders controlling 59.91 per cent of the company’s shares had agreed to sell at 89.86 pounds per share, Bisco Misr said in a statement.
The company’s statement follows reports that it had assigned a consultant to advise on potential take over bids.
It did not give the details of the previous loan but said it was signed with six banks in June 2012.
Dubai’s bourse tumbled 5.1 per cent with Emaar Properties losing 8.4 per cent.
The Islamic lender has mandated HSBC and Standard Chartered as the joint structuring banks.
The measure of output growth climbed to 65.0 points in December from 62.8 in November, while new orders were at 65.4 points against 65.5.
The seasonally adjusted SABB HSBC Saudi Arabia Purchasing Managers’ Index rose to 57.9 points in December from 57.6 in the previous month.
Brent futures edged up early on Tuesday but traded below $54.
The firm will seek to sell 240 million ordinary shares at Dhs2.4 ($0.65) each between January 11 and January 25, it said in a statement.
Dubai’s index dropped 3.4 per cent as all but a handful of stocks fell.
The figure is down from the SAR6 per share that the company paid for the corresponding period of 2013.