Quotes: US MENA   Enter Symbol: NewsLetter: Search: advanced

A group of local, regional and international banks and financial institutions, led by National Bank of Bahrain and Securities and Investment Company BSC  Join our daily free Newsletter

MENAFN - Bahrain Tribune - 28/07/2005

No. of Ratings : 0
Add to Mixx!


 


A group of local, regional and international banks and financial institutions, led by National Bank of Bahrain and Securities and Investment Company BSC (Sico), have subscribed to the first bond issue of Esterad Investment Company BSC for a value of 25 million.

In addition to NBB and Sico, the lead managers of the bond issue, other institutions subscribing to the facility are: Gulf International Bank, Arab Banking Corporation, The Arab Investment Co., National Bank of Dubai ,Bank of Bahrain & Kuwait, and Arab Bank.

The formal signing of the subscription documentation, which was attended by representatives of Esterad, the participating banks and institutions, legal counsel Qays H. Zubi and registrar KPMG Fahkro, was held on July 19 at a local hotel.

The bond issue was made on a private placement basis in Bahrain and other GCC countries. The bonds, in denominations of 100,000 each, carry a tenor of five years from their date of issue and will pay 1.25 per cent above the London Inter-Bank Offering Rate for six months US dollar deposits (LIBOR), subject to a minimum coupon of 3.0 per cent per annum. Interest will accrue on the bonds from their date of issue in July 2005 with the interest payments scheduled every six months.

Esterad Investment Co. BSC (formerly National Imports & Exports Company BSC) is the only investment company listed on the Bahrain Stock Exchange. Esterad has a 30-year trading history and the shareholders' equity is currently over 135 million distributed amongst 4,400 shareholders. Major shareholders include the National Bank of Bahrain (10.05 per cent) and the Pension Fund Commission, Bahrain (18.04 per cent). The company has been assigned a long-term credit rating of BBB and a short-term credit rating of A2 by Capital Intelligence Ltd.

Esterad has undergone significant changes over the past few years commencing with a shift of focus to investments in preference to trading in commodities. In recognition of the change in its core activity, the company's policies and procedures were upgraded culminating in 2003 with a major restructuring of the management team.

Esterad strengthened its top management by appointing a new CEO with specialised experience in regional and international investment management and research, along with a team of highly talented investment professionals. The additional human resources now complement the capabilities and experience of the longer serving managers, creating the necessary breadth and depth in management resources and experience which will enable the company to achieve greater earnings stability and future growth.



 






  MENA News Headlines


 
Click to Apply






Google

 
 

Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  
 

Middle East North Africa - Financial Network
Arabic MENAFN

Main News
News By Industry
News By Country
Marketwatch News
UPI News
Comtex News

IPO News
Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

US Markets Details

Commodoties

Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks
 

Algeria 
Bahrain 
Egypt 
Iraq
Jordan 
Kuwait 
Lebanon
Morocco 
Oman 
Palestine
Qatar 
Saudi Arabia 
Syria
Tunisia 
UAE 
Yemen

Weather
Investment Game
Economic Calendar
Financial Glossary

My MENAFN
Portfolio Tracker

Voting

Financial Calculators

RSS Feeds [XML]

Corporate Monitor

Events

Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters


 
© 2000 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help