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Sakana Housing goes into liquidation

Manama, January 24, 2014

Bahrain-based Sakana Holistic Housing Solutions has gone into voluntary liquidation, a report said..

The decision was announced via the Industry and Commerce Ministry's Business Investors Centre, the Gulf Daily News report said.

Abdulhakim Al Mutawa, Jamal Hijres, Muhammed Wasif Ijlal and Ziad Azzam have been appointed liquidators.

The company, which had a paid-up capital of BD20 million, specialised in property development, home finance and property consulting. It offered services to Bahrainis, expatriates living in the country, GCC residents and non-residents, the report said.

These included loans of up to BD350,000 to buy land or a home, or to construct one, to fund extensions, refinance a property or to release equity.

One of the company's last known developments, announced in November 2012, was a deal with the Master Group to provide property consulting services and home financing to Tubli Homes, a residential project consisting of 12 villas.

According to the company's website, Sakana was launched as a 50:50 partnership between Bank of Bahrain & Kuwait (BBK) and Shamil Bank, two of Bahrain’s leading financial institutions. In 2010, Capinnova Investment Bank, the Sharia’a-compliant investment banking arm and fully owned subsidiary of BBK acquired 50 per cent stake in Sakana from BBK. Further, Shamil Bank was merged with its parent Ithmaar Bank during the year 2010 and accordingly Ithmaar Bank became a 50 per cent stakeholder.

The company plans to move its headquarters from the second floor of the Bahrain Car Parks Building, on Government Avenue, to a branch located on the ground floor of the same property.

Creditors have been asked to submit claims, along with supporting documents, to Al Mutawa, chairman of the liquidating committee, within 30 days. - TradeArabia News Service




Tags: Sakana Housing | liquidation |

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