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Ordinary General Assembly Meeting FYE 31 March 2013


MENA Capital Holding Company held its Annual General Assembly (AGM) for the financial year ended 31 March 2013 on Wednesday, September 4, 2013. On the occasion, the Chairman & CEO of the Company, Hamad Al-Asfour announced that MENA Capital Holding invested under its strategic partnership with private equity firm Colony Capital in the ownership of 100% of LodgeNet Interactive Corporation based in the United States of America ("USA"), which was rebranded to be SONIFI Solutions following the acquisition. SONIFI Solutions is the leading provider of interactive media and connectivity services to hospitality and healthcare businesses and the consumers they serve. The Company's services include: Interactive Television, Broadband and Advertising Media Solutions along with nationwide technical and professional support services.
Al-Asfour also announced the Company's realization of its investment in La Tour Réseau de Soins, the most prestigious and largest private hospitals in Geneva, Switzerland which includes Hôpital de La Tour and Clinique de Carouge. The sale was closed following several successful value-adding initiatives implemented since its pre-crisis acquisition in July 2007, including: i) renovation of the facilities (completed on schedule and on budget in late 2010), ii) receipt of building entitlements on the adjacent land parcel improving the value and functionality of the real estate and iii) operational improvements leading to a significant increase in revenue over the period from acquisition.
The AGM unanimously approved all items listed in the Agenda, including the audited financial statements of MENA Capital for the FY ended 31st March 2013 along with the Auditor's Report and the Board of Director's Report for the period. The meeting also approved the reappointment of Ernst & Young Al Aiban Al Osaimi & Partners as the statutory auditors of the Company for the FY ended 31st March 2014.
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MENA Capital Holding announces annual profits of KWD 14.4 million and 54.1 fils Earnings per Share.


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.
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