Mar 25 2006 |
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Injaz Mena Investment reports 29% return for SyriaTel investors
Abu Dhabi, March 25, 2006 (WAM) - Injaz Mena Investment Company PSC,a leading UAE investment bank, which recently led a consortium of investorsto acquire a five per cent stake in SyriaTel Mobile Telecom PSC (SyriaTel),realized over 29% return for its clients on the investment within a sixmonth period.
Despite the current depressed conditions of most regional stock markets,investors who bought SyriaTel shares in a private placement arranged lastSeptember by Injaz Mena at $12 (Dh44.2) per share, saw an appreciationof over 29% in the value of SyriaTel shares, which are traded mainly over-the-counteron the Damascus bourse, according to a press release.
The shares of SyriaTel increased in market value to $15.1 (Dh55.5) pershare as on December 31st, 2005 and presently trade at $15.52 (Dh57.1).
"The reason for the continued rise in SyriaTel shares is simply due tothe company's strong fundamentals," said Shariq Azhar, Injaz Mena's DirectorGeneral. SyriaTel's net income in 2005 reached $91 million (Dh335 million)and is expected to increase by over 25% in 2006.
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