Manama, Bahrain - 20 June 2017

First Energy Bank (“FEB”) recently exited from its investment in Bulgaria. FEB had invested in December 2013 jointly with Borealis in FEBORAN which is an investment vehicle set up in Bulgaria to acquire 20.3% equity stake in Neochim, a company listed on the Sofia Stock exchange.

Neochim is Bulgaria’s leading producer and distributor of fertilizers and accounts for a significant share of Bulgaria’s ammonium nitrate output. Neochim is a publicly listed company under the Public Offering of Securities Act, and operates one ammonia plant, two nitric acid plants and an ammonium nitrate plant in Dimitrovgrad in southern Bulgaria.

During end of April 2017, FEB sold its 60% stake in FEBORAN to Borealis. According to the CEO of FEB, Mohamed Ghanem “this was a very successful investment for the bank and we would like to extend our appreciation to our joint venture partner Borealis with whom we hope to be involved in other similar investments in the future within the petrochemical sector”.

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About First Energy Bank:
First Energy Bank B.S.C.(c) (“FEB” or the “Bank”) is an Islamic investment bank licensed by the Central Bank of Bahrain and headquartered in Manama, Kingdom of Bahrain.

FEB’s founders believe that the global energy sector and the Middle East and North Africa (MENA) region offer excellent opportunities for private equity and Islamic financial investment. First Energy Bank offers investors unique and specialized opportunities that capitalize on the MENA region’s status as the center for world energy.

The Bank focuses on investments in the production, transportation, storage and refining of hydrocarbons, as well as oilfield services and energy sector technologies. FEB also explores new opportunities to invest in the development of power generation capacity and renewable energy technologies.

FEB operates in accordance with Islamic Sharia’a principles as a financial partner in project development, joint ventures, mergers and acquisitions and the purchase of assets and asset portfolios.

FEB was established in June 2008, with an authorized share capital of US$2 billion, and a paid up capital of US$1 billion consisting of 1 billion ordinary shares each with a par value of US$1.  The bank’s shareholders include a range of organizations and individuals with interests in the energy sector from the Kingdom of Bahrain, the United Arab Emirates, Libya, the Kingdom of Saudi Arabia, and other countries in the region. 

© Press Release 2017