Qannas Investments Limited New Investment and Disposal (6680P)
11 Février 2019 - 3:25PM
UK Regulatory
TIDMQIL
RNS Number : 6680P
Qannas Investments Limited
11 February 2019
Qannas Investments Limited
("Qannas" or the "Company")
Disposal of Investment in Project JODC and new Investment in
Project Ronin
Qannas Investments Limited, the closed-ended investment company
listed on the AIM market, is pleased to announce that it has
deployed the proceeds of its exit from "Project JODC" in an
investment into "Project Ronin".
Project JODC was an investment of $3.5m in an issuance of
unsecured Sukuk at 9.85% p.a. fixed profit rate issued by Jabal
Omar Development Company, one of the largest real estate developers
in the GCC region. Qannas has realized proceeds of $3.578m from the
exit.
Subsequently Qannas has participated in "Project Ronin" by
investing $3.5m in subscribing to a secured Term Investment
Certificate ("TIC") issued by an SPV wholly owned by Terra Real
Investments LLC ("Terra"). This issuance is for a tenure of 5
years, with a fixed profit rate of 8.5% per annum, paid annually.
The investment is secured against the shares of the SPV, which owns
72.7% of a prime real estate development in Bahrain.
ADCM Ltd is the investment manager of both Terra and Qannas, and
its parent company, ADFG has a minority interest in Terra.
For further information please contact:
Qannas Investments Limited Tel: 01534 844 806
Nadia Trehiou
ADCM Ltd. (Investment Manager) Tel: +971 2 639 0099
Mustafa Kheriba
finnCap Ltd Tel: 020 7220 0500
Henrik Persson/William Marle (Corporate Finance)
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END
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