MENA Capital Holding

News

Exit from : Texas Developments, USA

31.8.2016

MENA Capital announced that it had successfully exited its investment in the Texas Developments generating IRR and total returns in line with expectations after a holding period of 3 years. MENA Capital had invested alongside other strategic investors in the development of two office properties located in Texas, USA (aka, Freeport & Legacy). The project involved the greenfield development of unique Class A office buildings which are less expensive, have a high parking ratio & provide a cheaper office alternative to that offered by conventional mid / high rise office buildings. Both the properties were fully leased prior to sale. While the Freeport office property was sold in Dec-2015, the Legacy building was sold in August-2016 resulting in net returns of 16% over a holding period of 3 years.

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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.