MENA Capital Holding

News

Private Equity Investment: SONIFI Solutions, USA

31.03.2013

MENA Capital Holding Company K.S.C. ("MENA Capital Holding") announced that it had invested under its strategic partnership with private equity firm Colony Capital in the ownership of 100% of LodgeNet Interactive Corporation, a leading end‐to‐end interactive content and connectivity solutions provider based in the United States of America ("USA"). LodgeNet, which was rebranded to be SONIFI Solutions following acquisition, serves approximately 1.5 million hotel rooms worldwide in addition to healthcare facilities throughout the United States. The Company's core services include: Interactive Television, Broadband, Connectivity, and Advertising Media Solutions along with unparalleled nationwide technical and professional support services. SONIFI Solutions owns and operates businesses under the industry leading brands SONIFI Solutions, The Hotel Networks and SONIFI HEALTH Solutions.

Post-acquisition, SONIFI Solutions entered into a strategic partnership with DIRECTV, one of the world's leading providers of digital television entertainment services. The unique strategic relationship with DIRECTV will provide SONIFI Solutions' hospitality and healthcare customers with upgraded products and services allowing SONIFI Solutions to materially enhance the value it offers its industry-leading network of over 1.4 million hotel and hospital rooms in the USA and Canada.

Concurrent with the rebranding, SONIFI Solutions also launched the only enterprise-level platform available to the hospitality sector, the SONIFI STAY1000 system. The STAY1000 is an innovative, flexible content and connectivity solution that enables hoteliers to affordably enhance their in-room free-to-guest and paid entertainment experience.

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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.