UAIC increases stake in Union Bank
Amman, May 1, 2008
United Arab Investors Company (UAIC) and Arab Corp have acquired 25.58 per cent of Union Bank’s shares.
The acquisition is the result of a consortium formed between UAIC and the Arab Corp. This is In addition to 10.72pc; which UAIC previously owned; bringing the total investment percentage to 36.3pc of the bank's capital, the company said in a statement.
Banque Liban Outre Mer (BLOM) played a vital role in this transaction by providing the consortium with the finance needed to purchase these shares, this substantial deal was facilitated through Bahrain-based Amwal Advisory Corporation specialising in mergers, acquisitions, corporate finance & financial advisory services, it added.
Through this acquisition, UAIC is moving one-step forward towards fulfilling its vision of becoming the leading regional investment company providing integrated investment solutions in various economic sectors, UAIC said.
To this end, its model of operations relies upon investing in companies and establishments that compliment each other in terms of size and service.
The official announcement of this acquisition was made at a press conference held on April 30th 2008 at the Four Seasons Hotel. Attending the conference were key officials and representatives of all parties involved including; Arab Corp chairman and UAIC chief executive officer Haytham Dahleh, BLOM Chairman Mr. Sa’id Azhari and Amwal Advisory Corp CEO Mr. Nazim Ibrahim Basha.
“It has always been our mission at UAIC & Arab Corp to identify and seek business opportunities in different sectors and to forge alliances that ensure great return on investment for our shareholders,” said Arab Corp chairman and UAIC chief executive officer Haytham Dahleh.
“We feel that this acquisition is an ideal opportunity to solidify this goal; the Union Bank is considered as one of the leaders in the banking industry in Jordan. Through its ability to specialise in providing a variety of financial services and consultations both locally and internationally, it effectively maintains its leadership status,” he said.
“This investment in Union Bank is aligned with our strategic plan to expand and vary our investment base and further solidify the companies' investment portfolio.”
Dahleh said the company’s future plans include expanding its operations into regional markets and that it strives to achieve this goal through building strategic partnerships that would in turn further strengthen its capacities to lead the investment sector.
“We at BLOM Bank have decided to finance this transaction based on our belief in the capabilities of the United Arab Investors Company and Arab Corp as well as both companies' professionalism and good reputation in the markets they operate within,' said Blom chairman Sa’id Azhari.
'We at Amwal Advisory believe in the importance of this strategic partnership and its potential outputs on the short and long run. We are pleased to have successfully provided the needed arrangements for this important investment' said Amwal Advisory Corp chief executive officer Nazim Ibrahim Basha. - TradeArabia News Service