CAPIVEST completes $30 million deal with Cemena Holding


15/03/2012 23:30 AST  CPI Financial

The deal that was concluded last month awarded CAPIVEST cash in addition to the Naseej shares to settle the balance of the remaining dues from the sale of Falcon Cement Company to Cemena Holding Company in June 2008.

"There can be no doubt that completing this deal in the midst of the most turbulent economic times witnessed worldwide reinforces our position in the market and will provide us the impetus to pursue other more sizeable deals in line with our future growth plans," Mohammed Abdulmalik, Chief Executive Officer of CAPIVEST, said.

He added, "We are very excited to now be a part of the Naseej consortium, which includes prominent private and public sector investors, who are loyal and committed to addressing the region's affordable housing development needs.

"The exit achieved optimally rewarding results, despite the tough conditions caused by the global financial crisis that has adversely affected the various economic sectors in both the Gulf region and the world at that time.

"Following the successful settlement with Cemena, CAPIVEST and its investors that we represent in this deal will receive cash and shares in Naseej."

"The negotiation process took a long time as different settlement options were offered to the Bank's management who studied them all carefully until the final decision was made," said Abdulmalik, stressing that CAPIVEST has always been keen to maximise its partners and shareholders' value through investments in well-selected products, which are carefully screened to ensure rewarding results.

Economic and Business News
2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | 2007 | News Archive

JAN | FEB | MAR | APR
Most Viewed Companies
Ticker Price Volume
GFH 0.21
SECO 14.74 5,260,462
DARALARKAN 12.5 47,357,023
ADIB 6.78 826,911
NBAD 15.05 1,349,794
TRADEUNION 28.3 1,588,836
MASQ 120
Recent News

U.S. offers to cut tariffs on 99.5% of goods under TPP
WASHINGTON (Kyodo) -- The United States has proposed eliminating tariffs on 99.5 percent of goods imported from Japan, as it presses Tokyo to scrap tariffs even on agricultural products to clinch a 1

UK £50bn better off thanks to quantitative easing, says economist
Britain's economy is £50bn better off as a result of the Bank of England's decision to pump in money in the wake of the global financial meltdown, one of its most senior economists has argued.

Dollar Barely Budges Ahead Of Easter Break
The dollar was narrowly mixed in quiet dealing versus other majors on Thursday, as traders got a head start on the Easter holiday.

There was little reaction to the day's economic news, in

Japan Tertiary Industry Index Plunges In February
An index measuring tertiary industrial activity in Japan was down a seasonally adjusted 1.0 percent on month in February, the Ministry of Economy, Trade and Industry said on Friday - standing at 100

March non-oil exports weaker than expected
NON-OIL domestic exports (NODX) for March were weaker than expected, but it doesn't necessarily mean the official estimate for the first quarter's economic growth will be adjusted down further.

GulfBase GCC Index
Search By
  • Company Symbol
  • Company Name
  • Mutual Fund Name
  • News Content
Send this page to a friend

Poll

Are you satisfied with your full-service broker?