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.
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.