Inovest sells stake in project to Ossis

06/04/2016 07:41 AST

Bahrain-based Inovest Group has sold its ownership stake in Tala Property Development through a share purchase contract with Ossis.

Under the terms of the agreement, Inovest’s 60 per cent stake holding in the project has been transferred to Ossis, for a transaction value of approximately $7.7 million. With this, Ossis has secured complete ownership of Tala Island.

Inovest said the decision to exit the project comes after it achieved its objectives, having completed the development in 2007, selling 100pc of the residences, and managing its facilities and operations till date.

Tala Island is a $120m cosmopolitan community development, located at the heart of Amwaj Islands and covers an area of 110,000 sqm.

It was developed by Inovest’s real estate and development arm, Tameer in collaboration with Ossis in 2005 and was completed in 2007. The project comprises 85 beach front villas and 590 apartments built in a Spanish-Mediterranean style.

The development hosts private swimming pools, a health club and sports centre, tennis courts, restaurants and a bustling retail area.

The divestment proceeds have been anticipated in the group’s first quarter 2016 financial results and are part of the strategy towards the sale and exit of legacy investments.


Gulf Daily News

News

“Inovest” announces a net profit of $5.4 million for H1 2016

12/08/2016

The Inovest Group announced today its financial results for the first half of 2016, with a clear continuation of its marked improvement in performance, by recording a net profit of $5.4 million in co

CPI Financial

Inovest swings to net profit of $3.2 million

12/05/2016

Inovest, a Bahrain-based Sharia-compliant investment firm, yesterday announced it has swung to a net profit of $3.2 million for the first quarter this year from a loss of $900,000 for the same perio

Gulf Daily News

Inovest revenues hit $9.2 million

16/02/2016

Inovest, a Bahrain-based Sharia-compliant investment firm, has registered a consolidated net loss of $53.7 million last year in comparison with $3.8m in 2014.

In an announcement yesterday

Gulf Daily News

Most Viewed Companies

Ticker Price Volume
SABIC 114.77 5,915,941

Valuation

INOVEST Sector Market
P/E
Price/BookValue

Momentum

Relative Strength
  • 1-Month
  • 3-Month
  • 1-Year
Volume Change
  • 10D Avg Vs 90D Avg
Price Vs…
  • 52-w high
  • 50-day moving avg.
  • 200-Day Moving Avg

Top Related Companies

Ticker Price Change
GFH 0.36 0.00 (0.00%)
ABC 0.30 -0.01 (-1.64%)
INVCORP 8.95 0.00 (0.00%)
BARKA 0.35 0.00 (0.00%)
ITHMR 0.11 -0.01 (-4.55%)

Recent News

SABIC-MCC joint venture starts output

05/04/2018

SABIC announced the successful completion of the pilot operation of the Methyl Methacrylate Monomer (MMA) and Poly Methyl Methacrylate (PMMA) plants and the commencement of commercial operations.

Saudi Gazette

S&P affirms QIB rating at A-

05/04/2018

Standard & Poor’s (S&P) has affirmed QIB’s Issuer Credit Rating at A-, Qatar’s leading Islamic bank has said in a release. According to S&P, the major contributing factors strengthening QIB’s rating

Gulf Times

Qatar National Bank seeks growth in Southeast Asia

05/04/2018

Qatar National Bank (QNB) aims to increase its profit by 5-8 percent this year and loans and investments by 10-12 percent, helped by expansion into faster-growing Southeast Asia markets, its CEO told

The Peninsula

Doha Bank’s third Indian branch opens today

04/04/2018

Doha Bank has announced the official inauguration of its Chennai Branch, in the southern Indian state, will be held today. This is Doha Bank’s third city in India after its successful establishment o

The Peninsula

SHUAA to act as liquidity provider to Bank of Sharjah

04/04/2018

Bank of Sharjah said it has engaged SHUAA Capital International as liquidity providers for its shares and will commence the activity from April 4. SHUAA Capital International shall not hold more than

Gulf News

logo

Financial Information Co.

P.O. Box 69410, Riyadh 11547, Saudi Arabia

GCC Markets

Mutual Funds

News

Investment Tools

Sector News

Screeners

Indices & Commodities

Downloads

Copyright ©2001 - 2024, Financial Information Co. All Rights Reserved.

Terms of Services | Privacy Policy | Advertise with us | Contact Us | Sitemap