Global Mena Financial Assets Limited, a closed-ended investment company incorporated in Guernsey, today announces that the following dividend payments have been declared by two companies in its initial portfolio of eight high growth financial services sector assets.
Al Manar Financing & Leasing Company ("Al Manar"), a Kuwaiti financing and leasing firm which provides Islamic financial lending products and services across a variety of consumer durables, declared a dividend of 10 fils per share (US$0.04) (representing a dividend payout of 66%) to its shareholders during its annual general assembly meeting on 10 July 2008. Al Manar also continued its excellent growth, reflected by a 52% increase in its profit to KD 4.6 million (US$17.3mn) for the year-ended December 2007. Al Manar has been a benficiary of the growth of Islamic finance in the region.
Al Soor Financing & Leasing Company ("Al Soor"), a Kuwaiti financing and leasing firm that targets small and mid sized clients, declared that it will be distributing a dividend of 8 fils per share (US$0.03) (representing a dividend payout of 62%) to its shareholders during its annual general assembly meeting on Tuesday 15 July 2008. As well as continuing to be a high dividend paying company, Al Soor continues to demonstrate strong growth. The company approved its audited financial statements at the meeting which reflected the strong growth it has seen for the year ended 31 March 2008. Al Soor reported a net profit of KD 6.5 million (US$24.5 mn) with net revenue of KD 12.3 million (US$46.3 mn).
Shailesh Dash, CFA - Managing Partner, Global Capital Management Ltd, commented:
"Our belief in the financial services sector of the region is manifested in the performance of our portfolio companies. We expect further value creation for GMFA shareholders as the companies progress towards listings in regional/international markets".
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About Global Mena Financial Assets Ltd.
Global MENA Financial Assets Limited "GMFA" is a Guernsey incorporated investment company formed on 2 June 2008 to make attractive absolute gains through investment in a diversified portfolio of financial sector assets focused predominantly in the MENA Region (including Turkey).
About Global Capital Management Ltd.
Global Capital Management Ltd is the wholly owned subsidiary of Global Investment House K.S.C.C. The Manager has one of the largest private equity teams in the MENA region. The team is organized into transaction, due diligence and organizational development and monitoring subgroups. The members of private equity team have diverse sector and geographic experience in countries across the MENA and other emerging markets. The team collectively maintains a broad network of institutional relationships within the regions targeted for investments by its Fund. The private equity team currently manages assets more than US$2.9 billion, including its recently launched Global MENA Financial Assets Company.
Enquiries:
Financial Dynamics
UK
Ed Gascoigne-Pees
+44 (0)20 7269 7132
Nick Henderson
+44 (0)20 7269 7114
GCC
John Hobday
+971 (0) 4 332 8832
JPMorgan Cazenove
Angus Gordon Lennox
+44 (0)20 7155 4605
Global Capital Management Ltd.
Shailesh Dash
+965 295 1200
www.gmfa.com
© Press Release 2008
