Daily Gulf News - 25/4/2006
Bahrain-based Gulf International Bank (GIB) and Kuwait-based Commercial Facilities Company (CFC) have signed a $175 million five-year syndicated term loan facility, which has been arranged and fully underwritten by GIB.
The facility was initially launched at $150m, but due to a very positive response from the market, the deal was over-subscribed and the amount was raised to $175m.
The term for the facility is five years, with a margin of 0.875 per cent over LIBOR.
BNP Paribas and Qatar National Bank both joined the facility at the pre-launch stage as sub-underwriters.
The signing ceremony in Bahrain was attended by CFC chairman and managing director Abdullah Saud Al Humaidhi, GIB merchant banking managing director Abbas Ameeri and representatives from the other 15 participating local and international banks.
At the ceremony Mr Al Humaidhi thanked the participating banks for their positive response and strong support to CFC.
Speaking on behalf of the lead arrangers and the banks, Mr Ameeri congratulated CFC on the successful placement of the loan and on its success in establishing a leading position in the Kuwaiti market.
MANAMA: Bahrain-based Venture Capital Bank presented a paper at the Second Annual Innovation Conference in Islamic Finance, which was held in New York City. It was presented by venture capital and real estate chief investment officer Dr Ahmed Al Jawhery. Dr Al Jawhery reviewed the status of the private equity and venture capital markets in the Middle East and North Africa region. He highlighted the opportunities provided by the markets of the region and the challenges faced by institutions pursuing opportunities in the region.
Gulf Union post $3m profit
MANAMA: Bahrain-based Gulf Union Insurance and Projects Management Holdings Company announced profits of more than $3 million last year. The figures were revealed at its annual general meeting held in the firm's Manama headquarters.
Company chairman Abdulaziz Ali Al Turki said last year's profits amounted to BD3,074,993, while shareholders equity had increased from $36.99m in 2004 to $39.44m last year.
A distribution of dividends to the amount of $1.5m was agreed at the meeting.
Delegates were told the premiums of the holding company, which has two subsidiaries in Saudi and Bahrain, and its other revenues amounted to $78.4m.
Mr Al Turki said the holding company had ambitious future plans under implementation, especially in Saudi Arabia where its presence would be developed and strengthened through the new Co-operative Insurance Companies Supervision Law.