Oct 05 2007 |
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Mushrif closes capital increase
ABU DHABI -- Kuwait based Mushrif Trading and Contracting Company (Mushrif) has successfully closed its 100 per cent capital increase and acquisitions of certain UAE companies, a deal amounting to $97 million.Mushrif is one of the leading construction companies in Kuwait and is specialised in providing contracting and building services to the construction sector in seven different MENA region countries from Saudi Arabia to Iran.
Mushrif has already made its mark in a number of important projects in the Gulf region in the fields of water/wastewater treatment, oil and gas, pipelines and pump stations, roads and highways, airports and runways, building and infrastructure works, environmental and other Industrial projects.
Abu Dhabi-headquartered Finance House PJSC arranged a $37.2 million financing for Ithmar Capital 's acquisition vehicle structured to invest in the construction and building industry. The investment vehicle invested in the new share issue of Mushrif Trading & Contracting Co. (MTCC), amounting to $97.2 million.
The deal -- the first-of-its-kind for the Finance House -- was arranged in conjunction with Qatar National Bank . Finance House acted as the exclusive mandated lead arranger, facility agent and security agent for the transaction, which was concluded in 45 days.
The acquisition of a 50 per cent interest in Mushrif was made by Gulf Consortium 2 LLC, a UAE-based company and a member in the group of Ithmar Capital , whereby Gulf Consortium 2 entirely subscribed to the 30 million shares at a price of 900 Kuwaiti fils per share (a par value of 100 Kuwaiti fils and a share premium of 800 Kuwaiti fils).
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