GMFA Global Mena

 

TIDMGMFA 
 
RNS Number : 0107U 
Global MENA Financial Assets Ltd 
17 June 2009 
 
Global MENA Financial Assets Limited 
17 June 2009 
Global MENA Financial Assets Limited (the "Company"), is pleased to announce 
today that it has, through its wholly-owned subsidiary, Financial Assets Bahrain 
W.L.L., acquired a minority holding in Twenty Third Project Management Company 
W.L.L. and consequently an indirect interest of five per cent. in Dar Al Tamleek 
Co. (also known as Saudi Housing Finance Company), a mortgage finance company 
incorporated and based in the Kingdom of Saudi Arabia ("SHFC"), from Global 
Investment House K.S.C.C. ("Global"), a 29.99 per cent. shareholder of the 
Company. 
The Company announced on 3 April 2009 that it was in discussions with Global 
regarding the possible acquisition of two assets, the consideration for which 
would be set off against a corresponding amount owing under Islamic financing 
contracts with Global and its subsidiaries. Thereafter, on 4 June 2009, the 
Company announced that it received from Global and its subsidiaries the sum of 
US$9.6 million by way of partial repayment of the total principal amount owing 
under the Global Financing Contracts. The Company's exposure under the Global 
Financing Contracts was reduced to US$38.1 million, which would be set off 
against the consideration for the possible acquisition of two assets, as 
previously announced by the Company. One of these assets was SHFC. The 
consideration for the acquisition, US$4.117 million1 (KD 1,200,210), has been 
set off against a corresponding amount owing under the Islamic financing 
contracts with Global and its subsidiaries, reducing the Company's current 
exposure thereunder to US$34 million. It is contemplated that the remaining 
amount due under the Islamic financing contracts with Global and its 
subsidiaries will be set off against the acquisition of another asset from 
Global, as announced on 3 April 2009. 
 
 SHFC was founded by 
well-known regional institutions, including Savola Group and General 
Organisation for Social Insurance, among others. SHFC's technical advisor 
is Guidance Financial Group, an international Islamic financial services 
company based in the United States.  In addition, SHFC's management consists of 
people with experience in the banking and real estate sectors. 
The acquisition of SHFC will add to the Company's current investment portfolio 
of eight equity assets, comprising two listed companies and six unlisted 
companies. 
Shailesh Dash, CFA - Managing Partner, Global Capital Management Ltd, commented: 
"Saudi Arabia, with the largest population in the GCC region, and less than a 
third of the people owning their own property, making it the lowest among the 
oil-driven economies in the Gulf Arab region, presents significant housing 
finance opportunities due to its favourable demographics, positive demand-supply 
gap in the housing market and robust real estate market growth.  It is estimated 
that 163,000 new housing units are required each year, and approximately 86 per 
cent. of the real estate activity in Saudi Arabia is undertaken on a cash basis. 
 Saudi Arabia's first mortgage law is expected to be implemented this year, 
which will provide a further boost to the housing mortgage market.  This 
investment will give the company first mover advantage in a high growth and high 
potential market." 
About Global MENA Financial Assets Limited 
Global MENA Financial Assets Limited is a Guernsey incorporated investment 
company, admitted to listing on the Official List and to trading on the main 
market of the London Stock Exchange, and was 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). 
www.gmfa.com 
About Global Capital Management Ltd. 
Global Capital Management Ltd. is a wholly-owned subsidiary of Global Investment 
House K.S.C.C..  The investment manager has one of the largest private equity 
teams in the MENA region.  The team is organised into transaction, due diligence 
and organisational development and monitoring subgroups. The members of the 
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 the Company.  The private equity team currently manages assets 
more than US$3 billion. 
 
Enquiries 
Shailesh Dash, CFA 
 Managing Partner 
 Global Capital Management Ltd. 
T: +965 2295 1200 
 F: +965 2295 1648 
 E: shaileshdash@global.com.kw 
Ed Gascoigne-Pees / Nick Henderson 
 Financial Dynamics 
T: +44 (0)207 269 7114 
 E: nick.henderson@fd.com 
 
 
1     At an exchange rate of KD 1: US$3.43053 as at 16 April 2009. 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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