Capivest takes naseej stake in $30m deal
Manama, March 14, 2012
Bahrain-based Capivest, an Islamic investment bank, has concluded a deal to take a 9 per cent stake in Naseej, a fully-integrated real estate and infrastructure development company.
The deal, with Cemena Holding Company, is part of a settlement of the remaining dues from the sale of Falcon Cement Company to Cemena Holding Company in June 2008, said a statement. The $30 million deal includes cash in addition to the Naseej shares.
“There can be no doubt that completing this deal in the midst of the most turbulent economic times witnessed worldwide reinforces our position in the market and will provide us the impetus to pursue other more sizeable deals in line with our future growth plans,” Mohammed Abdulmalik, CEO of Capivest, said.
Abdulmalik highlighted that this achievement is a great addition to the 2009 achievement when Capivest received the Mena Private Equity “Deal of the Year” award for its successful exit of BCC Building Materials, the owner of Falcon Cement Company, that took place 26 earlier than targeted date for itself and its investors.
“The exit achieved optimally rewarding results, despite the tough conditions caused by the global financial crisis that has adversely affected the various economic sectors in both the Gulf region and the world at that time,” said Abdulmalik.
With the conclusion of this final settlement of the deal, Capivest and its investors will receive cash and shares in Naseej.
Naseej has recently been awarded the first of its kind economic housing project with the Government of Bahrain to build more than 4000 homes within three years at an estimated cost of BD212 million. – TradeArabia News Service