Ithmaar Bank shares to be listed in Kuwait from 31 March, 2008 |
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Kuwait City - Ithmaar BankIthmaar Bank
, a Bahrain-based investment bank with global reach, will be listed on one of the Middle East's most buoyant stock markets, the Kuwait Stock Exchange (KSE)Kuwait Stock Exchange (KSE), from tomorrow (31 March 2008). The Bank, the eighth Bahrain-based company to be listed on the Kuwaiti exchange, will maintain its listing on the Bahrain Stock Exchange (BSE), where it was the most actively traded company by volume in 2007."There is no doubt that there is very strong demand among Gulf investors for the Bank's shares. A total of BD235.5 million ($624.6 million) Ithmaar BankIthmaar Bank
shares changed hands on the BSE in 2007. This is equal to 27.7 per cent of the total number of shares traded, which is more than any other company listed on the Bahraini exchange," said Ithmaar BankIthmaar Bank Chairman, Khalid Abdulla-Janahi."This second listing in Kuwait, which will make our shares even more accessible to investors in the region, will mean greater liquidity and less share price volatility. We already have a very significant number of Kuwaiti shareholders. Our listing on the KSEKSE
will make it easier for them to trade their shares, and will also attract new shareholders from Kuwait and elsewhere in the region," added Janahi.A Press conference was held at the KSEKSE
's premises in Kuwait City today (30 March 2008), which was attended by Ithmaar BankIthmaar Bank CEO & Member of the Board, Michael P. Lee and Co-CEO, Mohammed Hussain, as well as Ithmaar Development Company CEO and Member of the Board, Mohammed Khalil Alsayed. Representing Global Investment House, the listing advisor, Mr. Omar M. El-Quqa, Executive Vice President, and Mr. Mohammed Al-Rafei, Associate Financial Analyst.Ithmaar's Kuwait listing follows the Bank's announcement of a record consolidated net profit of $188.3 million for the year ended 31 December 2007. This is up from the $181.1 million profit earned in 2006, a result which benefited from a one-off gain of $105.5 million on the sale of a subsidiary, Islamic Investment Company of the Gulf (Bahamas) Limited. Excluding this item, the Bank's net profit more than doubled in 2007, when compared with the previous year. Shareholders' equity, meanwhile, surged 37 per cent, to $1.1 billion, while total assets soared 23 per cent, to $4.1 billion. The Bank's operating income jumped 173 per cent, to $339.5 million, and its return on average equity remained strong at 15.6 per cent.
Ithmaar BankIthmaar Bank
and its six flagship subsidiaries and associates are collectively known as the Ithmaar banking group, which is the most diversified financial services group operating globally from the Middle East. The group consists of Swiss-based Faisal Private Bank, Pakistan-based investment and commercial bank Faysal Bank Limited and Bahrain-based Ithmaar BankIthmaar Bank, Shamil BankShamil Bank (a commercial and investment bank), SolidaritySolidarity (a global takaful company), First Leasing BankFirst Leasing Bank (the first bank GCC specialising in equipment leasing) and Ithmaar Development Company (the manager and developer of the group's high quality development projects, with a portfolio currently valued at $3.3 billion).Mr. El-Quqa, Global's Executive Vice President said, that Global considers the process of listing companies in the KSEKSE
as an integrated procedure that needs commitment to abide to all KSEKSE requirements. In addition to the range of activities that facilitate tariff's on any investor to easily identify the listed company.He added, it is Global's responsibility to follow the listing requirements and inform the pre-listed company the importance of revealing all information and its future relationship with its shareholders.
Therefore, the relationship between the investor and the company will be based on concrete, transparent, and accurate information, ended El-Quqa.
The importance of any company to disclose its information to the general public is to broaden the base of shareholder, increase knowledge, reduce listing fees, and assist the company in financing its capital.
He applauded the listing of many companies at the stock exchange comes in time considered "a healthy economic phenomenon witnessing an increase in volume, on condition they are studied and controlled by market laws and regulations.
"Ithmaar BankIthmaar Bank
's private equity activities are set to take centre stage in 2008, with the launch of several new investment funds with a particular focus on the high growth region of the Middle East, North Africa and South Asia (MENASA), but also addressing other selective geographic markets. The Bank's Investment Banking Group is also expected to make a major contribution to Ithmaar BankIthmaar Bank's results this year," said Lee.Hussain said that the Bank's subsidiaries and associates, all of which were not exposed to the sub-prime crisis which affected global markets last year, are also well positioned for further growth in 2008.
"Shamil BankShamil Bank
, of course, continues to do remarkably well. It has reported record results every year since its inception in 2000, this year posting an $80.6 million net profit. Meanwhile, another 100 per cent Ithmaar BankIthmaar Bank's subsidiary, Ithmaar Development Company, has begun implementing its $3.3 billion projects portfolio, which is certain to have a ripple effect on the regional economy through the creation of new jobs and opportunities for cross-border business," said Hussain. The Ithmaar banking group made significant strides in the consolidation of its various activities. Late last year Ithmaar BankIthmaar Bank
acquired the remaining 40 per cent of Shamil BankShamil Bank shares which were publicly held, resulting in both Shamil BankShamil Bank and its Swiss subsidiary Faisal Private Bank becoming wholly-owned by Ithmaar. The transaction also saw Ithmaar BankIthmaar Bank's effective stake in Pakistan-based Faysal Bank Limited increase to 65.72 per cent. The Ithmaar banking group's services include investment, private, retail, and commercial banking, private equity, mergers & acquisition advice, takaful, equipment leasing and real estate development. The group's business covers the Middle East and North Africa (MENA) region, as well as South Asia, Asia-Pacific and Europe.
- Ends -
About Ithmaar BankIthmaar Bank
:Ithmaar BankIthmaar Bank
B.S.C. is licensed by the Central Bank of Bahrain and listed on the Bahrain Stock Exchange ("ITHMR"). It has a paid-up capital of $543.6 million, total equity of $1.3 billion and is a full investment bank with its direct business covering the Middle East and North Africa (MENA) region, as well as South Asia, Asia-Pacific and Europe. Besides holding significant investments in the banking, financial services and real estate sectors in different markets, the main direct activities of the Bank include underwriting (equity and other financings), private equity (structuring, participation and portfolio management), Islamic financing and advisory services covering project financing, investments, capital markets and mergers & acquisitions.Ithmaar BankIthmaar Bank
's flagship subsidiaries and associates include Shamil BankShamil Bank of Bahrain, SolidaritySolidarity (an Islamic insurance company, headquartered in Bahrain), Faisal Private Bank (Switzerland), Faysal Bank Limited (Pakistan), First Leasing BankFirst Leasing Bank and Ithmaar Development Company. For more information on Ithmaar BankIthmaar Bank
, please visit the Bank's website at www.ithmaarbank.comAbout the Ithmaar banking group:
The Ithmaar banking group consists of: Ithmaar BankIthmaar Bank
, Shamil BankShamil Bank, SolidaritySolidarity (an Islamic insurance company, headquartered in Bahrain), Faisal Private Bank (Switzerland), Faysal Bank Limited (Pakistan), First Leasing BankFirst Leasing Bank and Ithmaar Development Company. The group's services, including investment, private, retail, and commercial banking, private equity, mergers & acquisition advice, takaful, equipment leasing, and real estate development, form a 360 degrees value chain that embraces the entire spectrum of banking and financial services.For more information, please contact:
Global
Safa'a Al-Matari
Senior Media Relations Executive
E-mail: salmatari@global.com.kw
Tel: (965) 240-0551 Ext. 418
Fax: (965) 242-0498
P.O. Box: 28807 Safat, 13149 Kuwait
Web; www.globalinv.net
© Press Release 2008
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