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Unicorn sells stake in energy holding

Manama, July 22, 2009

Unicorn Investment Bank said it has sold a 10 per cent stake in Regional Energy Services Holding (Resh), a subsidiary of Unicorn Global Private Equity Fund I, to Eastern Industrial & Oilfield Services Holding (EIOS).

The sale has generated a return on investment (ROI) of 124 per cent to unit holders of the Unicorn Global Private Equity Fund I, said a statement from Unicorn.

Resh was established by Unicorn in January 2009 to serve as a platform for acquisitions, joint ventures and potential collaborations in the regional oil and gas sector.

The company currently holds majority stakes in Gulf Strategic Partners, a Bahrain-based company operating throughout the GCC and India and specialising in pre-operational chemical cleaning services for petrochemical, power, oil and gas and process facilities; and Bahrain Maintenance and Diving Services, a leading Bahrain oil and gas services company specializing in commercial diving, rigging, marine construction and fabrication.

EIOS, a Bahraini holding company specialising in oil gas services sector established in 2008, provides consultancy, maintenance and engineering solutions and services to the energy sector and is active in the GCC.

EIOS is the major shareholder in Middle East Process Automation which specializes in the installation, repair and maintenance of instrumentation and control equipment to customers in the oil and gas, petrochemical and power generation industries; and Corner Stone, a multi-divisional organization providing engineering, inspection and maintenance services to the oil and gas and industrial sectors in the GCC region.

Commenting on the acquisition, Aamir Khan, managing director of Global Private Equity at Unicorn, said: 'We are delighted to welcome a strong, value-added partner into Resh and are confident that Resh and the Global Private Equity Fund I will benefit from EIOS’s extensive relationship base as well as the experience, expertise and proven track record of exceptional management team.'

'We look forward to working with EIOS to add value to the Resh portfolio companies as well as any future investments by the Global Private Equity Fund I into the regional oil and gas sector,' he added.

Ahmed Abdul Rahman, Private Equity director at Unicorn, added: 'We are seeing tremendous growth in infrastructure within the regional oil and gas sector, and with that, exponential growth in maintenance and service businesses.'

'Through Resh, we hope to provide unique and integrated solutions to an industry that lacks regional capabilities, and we are confident that EIOS is well-placed to help us achieve this,' he stated.

Majdi Khalaf, CEO and managing director of EIOS and former Bahrain Petroleum Company senior engineer, commented: “We are pleased to partner with Resh to realise the enormous growth potential of both Bahrain Maintenance and Diving Services and Gulf Strategic Partners, and we look forward to leveraging the synergies between Resh and the EIOS portfolio companies.”-TradeArabia News Service




Tags: Stake | Unicorn | sold | Resh |

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