Thursday, November 29, 2007

Global fund eyes $500m

The Global Investment House’s (Global) Buyout Fund said on Monday that it has received aggregate commitments in excess of $500 million at its initial closing. In a press release, Global said “the Fund aims to take majority-controlling equity stakes in established private and listed companies in the Middle East and North Africa (MENA) and in Turkey, China, India and Pakistan.” The overwhelming response in the initial closing further reinstates its belief in the success of the Fund’s strategy, the statement said. Global’s Executive Vice President for Corporate Finance and Treasury Omar El-Quqa said the fund has attracted participation from institutional investors and pension funds from the region and around the world.

Meanwhile, Global’s Fund Groups and Private Properties Branch President Shalish Dash explained the success of Global Buyout Fund is due to the team’s successful track record as reflected in the impressive return on investment achieved by the other private equity funds that are being managed by the team. The Fund is well positioned to meet this challenge, as Global has firmly established itself as one of the largest investment companies in the MENA with region-wide presence and strong local partnerships, the statement noted. The initial closing of the Global Buyout Fund brings the total funds currently under management of the Private Equity team to over $1.5 billion, the statement added.
Salhia Real Estate Company reported that it had signed contract to buy land with an area of 5,119 square meters along with Bahrain Gulf Company, a company operating in Bahrain to purchase land and establish Complexes and  commercial towers.  The value of the land is expected to exceed 125 million dollars. The land is located on the north-eastern coast of the city of Manama. SREC is a Kuwait-based company established on Sept 16, 1974 and is engaged in various real estate activities.  It owns, rents and manages commercial properties and hotel accommodation within Kuwait, and is involved in operating care homes in Germany through its subsidiaries Al Haddia Holding GmbH, Sarec GmbH, Dana GmbH, Dana Ambulante GmbH and Gredo GmbH. The Company also owns 50 per cent of Drawbridge Securities Limited, which deals in property development in the United Kingdom.
Kuwait Stock Exchange (KSE) announces that the general assembly meeting of Aayan Real Estate Company was convened on Monday, Nov 26, 2007, The Governing Council approved recommendation to increase the capital of the company by 80 percent from KD 17,995,450 to KD 32,395,450. this increase will be implemented by issuance of 144,000,000 shares at a nominal value of 100 fils plus premium of 130 fils per share.  The company’s shares will be issued with effect from Tuesday, Nov 27, 2007. Aayan is a Kuwaiti shareholding company closed established on Oct 23, 1976 with a capital of KD 7,300,000. The activities of the company includes the acquisition of real estate properties and merchandising, rent, rental and trading of construction materials and the sale and purchase of shares of Kuwaiti and foreign established parks, tourist villages and the preparation of studies and construction in the areas of real estate property management and others relating to the areas of real estate in addition to the many non-traditional real estate activities.


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