CMH pays Q3 dividends to investors
Manama, November 1, 2011
Capital Management House (CMH), a leading Islamic investment bank in Bahrain, said it has paid the third quarter dividends to its investors in the Gulf region for the bank's aircraft leasing investment fund.
The fund has been structured around a transaction concluded with Emirates Airlines, which was announced in January 2011, said a statement from CMH.
It consists of the acquisition of a Boeing 777-200ER aircraft from the airline and an agreement whereby it has been leased back to Emirates, it stated.
Dividends for investors in the fund are paid on a quarterly basis and have been calculated at 10 per cent per annum, it added.
The deal, which was undertaken in partnership with Novus Aviation and Muzun Partner, builds on opportunities in the regional aviation sector, which has shown to be resilient, said a senior official.
On the leasing sub-segment strong returns can be achieved and growth, both in absolute and relative terms, is expected to continue in light of the Middle East’s position as one of the fastest growing travel hubs in the world.
Mohamed Aljasim, chief investment officer of CMH, said: 'The fund continues to deliver steady and predictable cash flows for the Bank and our investors and underscores the success of this transaction and CMH’s overall strategy of investing in income yielding assets and growth sectors that can provide for significant upside potential.”
CMH invests in key sectors of the economy and in particular those that are of fundamental importance to the development of the region.
To date, it has made significant investments in transportation, infrastructure, energy, power, financial services, real estate and capital markets.-TradeArabia News Service
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