Capinnova capital hits $151m on Sakana stake
Manama, February 1, 2010
Capinnova Investment Bank, a fully-owned subsidiary of BBK, has increased its paid-up capital to $151.5 million after acquiring a 50 per cent stake in Sakana Holistic Housing Solutions.
Bahrain-based Sakana was earlier a 50:50 joint venture between BBK and Shamil Bank.
BBK took the decision to transfer the ownership of Sakana to Capinnova to strengthen and diversify the bank’s investments in the Islamic financial sector while complying with the principles of Islamic law.
After the approval of the Central Bank of Bahrain, Capinnova’s issued and paid-up capital has increased to $151.5 million. Capinnova took this stake in Sakana in January 2010 and is in the process of completing all the legal formalities with regard to the transfer.
“Our industry is evolving and it is important to embark upon such initiatives to further enhance the performance and also taking the organization to the next level,” said A Karim Bucheery, chairman of Capinnova Investment Bank.
“Despite the depressed global market conditions in the real estate sector over the past year, Sakana continues to remain profitable, aims to be an innovator and catalyst,” added Jamal Hijres, chief executive officer at Capinnova Investment Bank.-TradeArabia News Service