Bahrain-based Ithmaar Holding has announced its exposure to embattled equity firm Abraaj Group on Sunday, taking the tally to 14 companies.
Ithmaar, which is listed in Dubai, Kuwait and Bahrain, announced that it has direct and indirect exposure to Abraaj, which is facing allegations of misusing investor funds.
The company said it has one per cent investment in Abraaj Holding worth $15 million (Dh55 million), indirectly through Abraaj Capital Co-Investors Limited. In addition, it holds a five per cent stake in the Infrastructure and Growth Capital Fund LP (IGCF LP) and 24.5 per cent in IGCF General Partner Limited.
Arab Insurance Group also announced it had exposure through its subsidiary Takaful Re Ltd through investment in the Infrastructure and Growth Capital Fund. It had invested $1.03 million but it had a half a million outstanding balance capital after around the same amount of capital was returned. It said the asset has nil book value and has been fully impaired.
National Industries Group had said it doesn't have any exposure to Abraaj Group or any of its funds. However, it is a minority shareholder in KES Power Ltd, a company established in Cayman Islands. Among its stakeholders are one of Abraaj's companies and other shareholders. All the stakeholders have their shares independently and are registered in their names.
National International Holding said in a statement to Dubai Financial Market that it has no exposure to Abraaj Group. "NIH does not have any investment or relationship with Abraaj Group Capital Company or any of its subsidiaries or projects."
The UAE regulator had asked all listed companies to report any exposure to the Abraaj Group, which is selling its assets. Currently, court-appointed liquidators are seeking to settle more than $1 billion in debts.
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