SyriaTel share surge brings cheer to Injaz Mena clients

27 March 2006

Abu Dhabi: Injaz Mena Investment Company, a UAE investment bank that recently led a consortium of investors to acquire a five per cent stake in SyriaTel Mobile Telecom PSC (SyriaTel), has realised 29 per cent returns for clients within six months, an official release said yesterday.

Despite the current depressed conditions in most regional stock markets, investors who bought

SyriaTel shares in a private placement arranged last September by Injaz Mena at $12 (Dh44.2) per share, saw an appreciation of over 29 per cent.

The shares are traded mainly over the counter on the Damascus bourse.

"The reason for the continued rise in SyriaTel shares is simply due to the company's strong fundamentals," said Shariq Azhar, Director-General of Injaz Mena. "We are very proud of this investment opportunity. Notwithstanding the recent collapse in many regional stock markets, we remain well-positioned to undertake transactions of significant volume and magnitude."

The value of the SyriaTel stock increased to $15.1 (Dh55.5) per share as on December 31, 2005 and currently trades at $15.52 (Dh57.1).

"Our investments hold their value despite market fluctuations because they are based on the true underlying value of sound companies."

Azhar projects an annual growth of 25 per cent in Syria Tel revenues over the next three years.