MENA Capital Holding

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MENA Capital announces death of Chairman & CEO, Hamad Al Asfour

05.09.2017

It is with deep regret and great sadness that MENA Capital announced the death of its Chairman and CEO, Mr. Hamad Abdullatif Al-Asfour on September 2nd, 2017 due to a heart attack in Cairo. Mr. Al-Asfour was the pillar of MENA Capital since he took the helm in 2009 & will be dearly missed by the management and staff of the Company.

Mr. Al-Asfour chaired MENA Capital since its inception in December 2006. In February 2009, he was appointed as Chairman & CEO of the Company to identify and articulate the Company's corporate and investment strategy. Mr. Al-Asfour successfully steered MENA Capital through the global economic meltdown of 2009 through increased oversight of investments and management activities, enhanced policies & procedures and a restructured investment portfolio.

Mr. Al Asfour was also serving on the Board of Directors of Kuwait based National Investments Company and Gulf Dredging and Contracting Company, as well as Bahrain based Seera Bank.

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MENA Capital Holding announces annual profits of KWD 14.4 million and 54.1 fils Earnings per Share.

17.07.2011

The General Assembly of MENA Capital Holding endorsed all the items listed on the Agenda during an Ordinary Session on 17 July 2011. Most importantly, the General Assembly endorsed the Financial Annual Financial Statements for the year ended 31 March 2011 and its Auditors’ Report, the Board of Directors Report and released the Board of Directors’ actions for the said fiscal year.

Hamad Abdullatif Al-Asfour, Chairman & Managing Director of MENA Capital Holding announced during the meeting the Company’s substantial profits covering all losses accumulated during the previous three financial years. The Company reported Net Profits of KWD 14.39 million attributable to shareholders of the parent during the year against a loss of KWD 1.14 million during the corresponding previous year, reversing the negative Earnings per Share (EPS) (3.9 fils negative earnings as of March 31, 2010) to current year positive Earnings per Share of 54.1 fils.

As is typical of any private equity focused investment operations, the Company’s financial performance generated initial accumulated losses of KWD 12.025 million as of 31 March 2010 which were positively reversed when the Company exited one of its investments in Turkey through a subsidiary. As a result, the Company realized significant improvements in Return on Assets (ROA) which is 41.21% at the end of the current year (31 March 2010: -3.38%). The Return on Equity (ROE) too registered a sharp increase to 77.28% from -5.51% at the end of last year. Today, the Company holds a strong liquidity position with no debt on the Holding level. This is reflected in the high liquidity ratios at the end of the current financial year.