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Home > Region
 
KFH-Bahrain plays lead role in merger of three Islamic banks

Suad Hamada (Bahrain Roundup) / 9 January 2013

KUWAIT FINANCE House-Bahrain (‘KFH-Bahrain’) announced this week that the new year heralded the successful closing of the merger between three Bahrain-based Islamic banks, Elaf Bank, Capital Management House and Capivest, creating a strengthened financial institution with a total equity of approximately $340 million and total assets in excess of $400 million spanning the Middle East and North Africa, Europe and Asia.

As transaction and lead adviser, KFH-Bahrain, after having initiated discussions with the three banks in late 2011, worked closely with them to create a robust merged entity that is able to better compete in the dynamic and growing global Islamic banking and investment industry. The expertise and services of the banks are highly complementary, laying the groundwork for a smooth integration process. Furthermore, with a larger capital base, the newly created institution will be better positioned to participate in larger investment projects and to quickly and more effectively capitalise on a broader set of available opportunities, both across the Mena region and globally.

 

GPIC surpasses all expectations

ABDULRAHMAN JAWAHERY, GPIC president, expressed his great pleasure at the company’s distinguished achievements during the year 2012. In particular, he highlighted record numbers in terms of production, export, maintenance and safety, all of which make the company a good example of fruitful cooperation and a shining model of excellence.

Jawahery identified the emphasis on safety as one of the key elements of success and described this aspect as the backbone of the remarkable continuity witnessed by the company’s operations. In a unique achievement, the company achieved more than 3,900 working days without a lost time incident, boosting levels of productivity.

He explained that, in terms of production and exports, GPIC had managed to produce approximately 1.5 million tonnes of ammonia, methanol and urea at a rate about 0.3 per cent higher than planned. The company’s products are of high quality, so the company was able to export everything produced, exceeding by 1.1 million tonnes the quantity planned for export to various global markets. 

 

Overwhelming response to CBB’s weekly treasury bills

THE CENTRAL Bank of Bahrain (CBB) announced on Monday that this week’s BD35 million issue of government treasury bills was oversubscribed by 157 per cent.

The bills, carrying a maturity of 91 days, are issued by the CBB, on behalf of the government of the Kingdom of Bahrain. The issue date of the bills is January 9, 2013, and the maturity date is April 10, 2013. The weighted average rate of interest is 0.97 per cent, compared with 0.99 per cent for the previous issue of January 2, 2013.

The approximate average price for the issue was 99.755 per cent with the lowest accepted price being 99.755 per cent. With this, the total outstanding value of government treasury bills is BD930 million. 

 

Traders and businesswomen optimistic of country’s growth

TRADERS AND businesswomen have expressed optimism that the pace of economic growth will be accelerated in 2013 due to the expected increase in government spending after the Finance Ministry received its first installment of the $10 billion GCC Development Fund, provided by four GCC countries for Bahrain.

They said that Tamkeen (Labour Fund) programmes have benefited a large number of economic sectors and helped the national economy withstand the global financial crisis in 2011 and 2012.

In a related context, investors in the conferences and exhibitions sector are confident that the vision of Prime Minister Prince Khalifa bin Salman Al Khalifa to promote Bahrain as a regional and global hub of the conferences and exhibitions industry will be achieved, and affirmed that the functions to be hosted by the kingdom in 2013 will exceed those of 2012.

 

 

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