MENA Capital Holding

News

Exit from : LaTourReseau De Soins, Switzerland

28.02.2013

MENA Capital Holding Company K.S.C. ("MENA Capital Holding") announced that it has sold through a subsidiary its investment in La Tour Réseau de Soins, Geneva, Switzerland. La Tour Réseau de Soins is the largest and most prestigious private hospital in Geneva and includes Hôpital de La Tour and Clinique de Carouge. The sale was closed in December 2012 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. MENA Capital Holding's investment in La Tour Réseau de Soins was in line with the Company's strategy of investing in selective real estate dependent transactions.

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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.