BRIEF-Zad Holding Q1 profit falls
* Q1 net profit 49.3 million riyals versus 51.7 million riyals year ago Source: (http://bit.ly/2oTXID8) Further company coverage:
March 31 Mfc Bancorp Ltd:
* MFC Bancorp Ltd reports results for 2016 and announces proposed plan of arrangement
* MFC Bancorp Ltd - reduced co's head count and overhead, with number of employees worldwide down from 650 to under 450 at end of 2016
* MFC Bancorp Ltd - in 2016, we reduced inventories by $213.4 million, from $245.3 million as at December 31, 2015 to $32.0 million as at December 31, 2016
* MFC Bancorp - during 2016, reduced, eliminated certain customer-specific credit facilities for customers with whom we no longer commercially transact
* MFC Bancorp-plans to complete a plan of arrangement that is designed to "improve its corporate structure, reduce expenses and increase its global exposure"
* MFC Bancorp Ltd - continue to evaluate benefits of certain facilities that may not have strategic long-term relevance to business
* MFC Bancorp Ltd - "going forward we will expand our merchant banking activities"
* MFC Bancorp Ltd - plan is expected to be completed in 2017
* As part of plan , mfc common shares will be consolidated on a 100 for 1 basis
* MFC Bancorp-don't anticipate evaluation of benefits of facilities that may not have strategic long-term relevance to have material impact on overall liquidity
* As part of plan, MFC'S common shares will be exchanged on a one-for-one basis for common shares of a new parent company
* As part of plan, MFC will become a wholly-owned subsidiary of new parent co Source text for Eikon: Further company coverage: