Jul 09 2012
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Hong Kong's HPF Buys Jordan Dubai Capital for $130M
Monday, Jul 09, 2012
(This article was originally published Sunday)
DUBAI (Zawya Dow Jones)--A Hong Kong-based investor has bought full ownership of Amman-based Jordan Dubai Capital for 92 million Jordanian dinar ($130 million) from Dubai International Capital and other shareholders, the company said in a statement Sunday.
HPF Private Investment Fund Co., a firm established in January in Hong Kong to invest in the Middle East and North Africa, plans to use the purchase to help launch a regional fund, according to the statement.
At the time of the sale, JD Capital 's shareholders included DIC , the Social Security Investment Fund of Jordan, Arab Bank, Addax Bank of Bahrain, Oger Jordan and Unique Vantage. David Smoot, the chairman of JD Capital and chief executive of DIC , said the sale was "an opportune exit for us."
DIC 's portfolio includes the U.K. budget hotel chain Travelodge and the German industrial packaging firm Mauser. It has sold some of its smaller investments in recent years, including Oger Telecom and KEF Holdings last year.
DIC finalized a $2.5 billion debt restructuring in April. Its parent, Dubai Holding, is owned by Sheikh Mohammed bin Rashid, the Ruler of Dubai.
Following the purchase, HPF plans to change JD Capital 's name "to reflect the new ownership", according to the statement.
-By Asa Fitch, Dow Jones Newswires, +971 4 446-1685, firstname.lastname@example.org; Twitter: @ZDJnews
Copyright (c) 2012 Dow Jones & Co.
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