UGB takes key stake in Millennium
Dubai, March 30, 2008
United Gulf Bank (UGB) has become a significant shareholder in the Dubai-based Millennium Finance Corporation (MFC).
MFC, a Dubai Financial Services Authority (DFSA) licensed investment bank, was established by an experienced team of bankers from major international investment banking firms, in partnership with DIB.
Since inception, MFC has become one of the most active investment banking companies in the region, and advises prominent corporations and governments on major merger and acquisitions (M&A) transactions, private equity placements and capital market operations in the GCC region and other geographies.
MFC recently launched a family of private equity funds: Millennium Private Equity (MPE).
UGB is the investment banking arm of the Kipco Group – one of the most successful and highest-rated investment companies in the Mena region. Kipoc recently reported the highest ever profits of any listed company on the Kuwait Stock Exchange.
At a recent signing ceremony held in Dubai, Khaled Al Kamda, chief executive officer of DIB, said he welcomed the inclusion of UGB and Kipco Group into its subsidiary. “We are pleased to expand MFC’s shareholder base by the inclusion of one of the largest private diversified holding companies in the Mena region and look forward to its active involvement and contribution to MFC’s development.”
Masaud Hayat, managing director of UGB, thanked DIB for its initiative and said: “We are fortunate to become associated with a leading provider of Sharia-compliant financial services in the region and anticipate a very active product offering by our newly acquired associated company. Kipco’s investment in MFC reflects the rapid development and breadth of business the company has established in a short period of time. With its regional experience in financial services, media and technology, Kipco will support MFC in its expansion plans across the Middle East, Africa and Asia.”
The sale and purchase agreement, which became effective on February 25, 2008, was signed by Khaled Al Kamda, group MD and CEO of DIB; Keba Keinde, chief executive officer of MFC; and William Khouri, chief executive officer of UGB.
Keinde said: “The investment by UGB in MFC underscores MFC’s development into one of the leading investment banks in the region. MFC’s reputation for cross border M&A transactions and its ECM capabilities has allowed it to become one of the premier financial institutions in the GCC. We welcome Kipco to our shareholder group, and look forward to leveraging the opportunities DIB, Kipco and UGB can collectively bring.” – TradeArabia News Service