Unicorn awarded for ‘deal of the year’
Manama, March 9, 2009
Bahrain-based Unicorn Investment Bank (Unicorn) has been named the ‘Islamic Finance Deal of the Year’ by pre-eminent international financial magazine Euromoney.
The award referred to the sale of UAE cement company Orimix Concrete Products (Orimix) by Unicorn.
In citing the transaction, Euromoney noted the outstanding return to investors achieved by the Unicorn global private equity fund I upon its exit from the transaction following a holding period of under two years.
The fund acquired a controlling stake in Orimix in November 2006 for a price of $17.2 million and sold it in February 2008 for $44.9 million to Al Safat Investment Company, a Kuwait listed investment group.
This represented a return on capital of 160 per cent and an internal rate of return of 98 per cent.
“We are honoured to receive this award which recognises the success of Unicorn’s private equity business mode,” said Aamir Khan, managing director of global private equity at Unicorn.
“Our team worked closely with the management of Orimix to almost double it in size, by expanding capacity and improving profitability. The sale of this single investment allowed us to distribute over 50 per cent of the fund’s initial invested capital to unit holders in less than two years.”
The Unicorn global private equity fund I was established in 2006 and is regulated by the Central Bank of Bahrain. To date, the fund has made investments in middle-market companies based in Bahrain, Jordan, the UAE, Kuwait and the US. – TradeArabia News Service
More Finance & Capital Market Stories
- PiSlice, du partner to encourage micro-lending
- Bank Alkhair swings to $4.7m profit
- BMI launches new personal loan promotion
- Experts shed light on key Fatca legislation
- Saudi inflation plunges to four-year low
- UAE investment appetite 'strengthens' says expert
- Dubai mulls rule change to woo domiciled funds
- UAE, Abu Dhabi roll over $20bn of Dubai's debt
- Saudi can achieve 4.4pc growth this year
- Emaar listing of retail unit 'within months'
- Dubai Investments nets $29m profits
- Compliance officers facing diverse pressures, says study
- Abu Dhabi finance dept inks deal with Ajman
- Kuwait registers 8pc credit growth
- Bahrain Sico funds net solid returns
- Emaar proposes 15pc cash dividends
- ABG units win top Islamic finance award
- Finance House approves 25pc cash dividends
- Qatar 'most expensive country in Gulf'
- Egypt regulator sets rules for index
- Dubai Islamic eyes Kenya, Indonesia for expansion
- ADCB to buy back 3pc of its shares
- GCC insurance growth outpaces developed markets
- Bahrain 'faces budget deficit, inflation challenges'
- Global Payment Services wins key certification
- BBK unveils big India expansion plans
- Kuwait GDP growth to hit 3.5pc in 2014
- Gulf shares tumble over EM exposure cut
- GCC bonds to gain from macro-economic climate
- French Business Council Dubai members up 18pc