Acquisition
17 Juin 2009 - 8:00AM
UK Regulatory
TIDMGMFA
RNS Number : 0107U
Global MENA Financial Assets Ltd
17 June 2009
Global MENA Financial Assets Limited
17 June 2009
Global MENA Financial Assets Limited (the "Company"), is pleased to announce
today that it has, through its wholly-owned subsidiary, Financial Assets Bahrain
W.L.L., acquired a minority holding in Twenty Third Project Management Company
W.L.L. and consequently an indirect interest of five per cent. in Dar Al Tamleek
Co. (also known as Saudi Housing Finance Company), a mortgage finance company
incorporated and based in the Kingdom of Saudi Arabia ("SHFC"), from Global
Investment House K.S.C.C. ("Global"), a 29.99 per cent. shareholder of the
Company.
The Company announced on 3 April 2009 that it was in discussions with Global
regarding the possible acquisition of two assets, the consideration for which
would be set off against a corresponding amount owing under Islamic financing
contracts with Global and its subsidiaries. Thereafter, on 4 June 2009, the
Company announced that it received from Global and its subsidiaries the sum of
US$9.6 million by way of partial repayment of the total principal amount owing
under the Global Financing Contracts. The Company's exposure under the Global
Financing Contracts was reduced to US$38.1 million, which would be set off
against the consideration for the possible acquisition of two assets, as
previously announced by the Company. One of these assets was SHFC. The
consideration for the acquisition, US$4.117 million1 (KD 1,200,210), has been
set off against a corresponding amount owing under the Islamic financing
contracts with Global and its subsidiaries, reducing the Company's current
exposure thereunder to US$34 million. It is contemplated that the remaining
amount due under the Islamic financing contracts with Global and its
subsidiaries will be set off against the acquisition of another asset from
Global, as announced on 3 April 2009.
SHFC was founded by
well-known regional institutions, including Savola Group and General
Organisation for Social Insurance, among others. SHFC's technical advisor
is Guidance Financial Group, an international Islamic financial services
company based in the United States. In addition, SHFC's management consists of
people with experience in the banking and real estate sectors.
The acquisition of SHFC will add to the Company's current investment portfolio
of eight equity assets, comprising two listed companies and six unlisted
companies.
Shailesh Dash, CFA - Managing Partner, Global Capital Management Ltd, commented:
"Saudi Arabia, with the largest population in the GCC region, and less than a
third of the people owning their own property, making it the lowest among the
oil-driven economies in the Gulf Arab region, presents significant housing
finance opportunities due to its favourable demographics, positive demand-supply
gap in the housing market and robust real estate market growth. It is estimated
that 163,000 new housing units are required each year, and approximately 86 per
cent. of the real estate activity in Saudi Arabia is undertaken on a cash basis.
Saudi Arabia's first mortgage law is expected to be implemented this year,
which will provide a further boost to the housing mortgage market. This
investment will give the company first mover advantage in a high growth and high
potential market."
About Global MENA Financial Assets Limited
Global MENA Financial Assets Limited is a Guernsey incorporated investment
company, admitted to listing on the Official List and to trading on the main
market of the London Stock Exchange, and was formed on 2 June 2008 to make
attractive absolute gains through investment in a diversified portfolio of
financial sector assets focused predominantly in the MENA Region (including
Turkey).
www.gmfa.com
About Global Capital Management Ltd.
Global Capital Management Ltd. is a wholly-owned subsidiary of Global Investment
House K.S.C.C.. The investment manager has one of the largest private equity
teams in the MENA region. The team is organised into transaction, due diligence
and organisational development and monitoring subgroups. The members of the
private equity team have diverse sector and geographic experience in countries
across the MENA and other emerging markets. The team collectively maintains a
broad network of institutional relationships within the regions targeted for
investments by the Company. The private equity team currently manages assets
more than US$3 billion.
Enquiries
Shailesh Dash, CFA
Managing Partner
Global Capital Management Ltd.
T: +965 2295 1200
F: +965 2295 1648
E: shaileshdash@global.com.kw
Ed Gascoigne-Pees / Nick Henderson
Financial Dynamics
T: +44 (0)207 269 7114
E: nick.henderson@fd.com
1 At an exchange rate of KD 1: US$3.43053 as at 16 April 2009.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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