Dec 16 2007 |
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The International Investor Retains GulfMerger to Advise on Strategic Alternatives Regarding CreditOne
Kuwait, 16-Dec-2007: The International Investor announced today that it is currently reviewing strategic alternatives regarding its equity interest in CreditOne Holding Company - a fast-growing, Kuwait-based, Sharia-compliant consumer finance company - as part of an ongoing review of its investment portfolio and efforts to transform CreditOne into a leading local, and potentially regional, consumer finance company.CreditOne's consumer finance activities are currently carried out through Al Sayer Facilities - a wholly-owned subsidiary and previously the financing arm of Mohammed Naser Al Sayer & Sons , Kuwait's largest car dealership - which the company had acquired in August 2005 as part of a strategy aimed at establishing CreditOne as the leading consumer finance company in Kuwait. Fadi Twainy, Head of M&A and Business Development of The International Investor , said "in the few years since its establishment in July 2005, CreditOne has succeeded in developing a strong position in the consumer finance market, particularly in the car financing arena, growing its market share from 4.3% in December 31, 2006, to 7.9% in September 30, 2007, and its earnings by 84% from KD1.5 million in 2006 to an estimated KD2.8 million in 2007."
Going forward, CreditOne plans to continue down the path to market leadership in the car financing arena while expanding into high-potential new business lines. Mr. Twainy commented "the company's capable management team, impressive distribution network, trusted brand all point to further gains in market share in the car financing arena and across new business lines. Considering the growth trajectory of the Kuwaiti consumer finance market, we expect CreditOne to deliver significantly higher earnings in 2008, potentially reaching in excess of KD5 million."
-Ends-
Established in 1992, The International Investor is one of Kuwait's preeminent Islamic investment companies with operations spanning in the GCC and Turkey.
About
GulfMerger
:
Established in 2007,
GulfMerger
is an independent financial advisory firm, principally focused on middle-market mergers, acquisitions, and strategic partnerships in the Middle East.
For further information please contact Promoseven - Weber Shandwick, Rosie Muhanna at 4610341 ext. 106 or email: rosie.muhanna@promoseven.com
© Press Release 2007
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