GLOBAL:
Bahrain-based Shariah compliant Venture Capital Bank (VCBank) together
with Saudi Arabia’s car rental and leasing company, Hanco, has
successfully acquired Byrne Investment and its subsidiaries (Byrne
Equipment Rental and Spacemaker) in a AED600 million (US$163.32 million)
deal.
According to Abdullatif Mohamed Janahi, board member and CEO of VCBank,
the acquisition is in line with the bank’s strategy and future direction.
“This acquisition will surely add value to VCBank's investment portfolio
which the bank seeks to diversify industrially and geographically. It
adheres to VCBank 's strategy which is designed to generate consistent
superior returns with reasonable risk from high-quality,
rigorously-investigated, efficiently-structured and well-managed investment
opportunities,” he explained.
Commenting on the market, Abdullatif said: “The GCC is emerging as a
major hub for tourism, sports and international affairs, with a growing
calendar of events demanding temporary power equipment and modular
structure solutions.” He opined that demand for rental in the GCC is
bound to increase as companies begin to focus on outsourcing services
previously managed in-house, on the back of capital allocation and
funding restraints. Meanwhile, demand for power significantly exceeds
supply and this shortage is expected to increase over the medium to
long-term, attributed to a booming regional population and the increasing
number of projects in the GCC.
VCBank’s last acquisition was a prime boutique residential development in
central London known as Mayfair Chambers, back in June 2013. The bank
posted a US$4.3 million net profit for the six months period ended the 31st
December 2013, a slight decrease from the US$5.5 million recorded in the
same period the previous year. Total assets grew to US$247.1 million in
the second half of 2013 as compared to US$221.5 million on the 30th
June last year.
Byrne is one of the largest and most diversified equipment rental and
modular structure and space providers in the GCC with operations in the
UAE, Saudi Arabia, Oman and Qatar. Established 20 years ago, the company
provides temporary power and tailor-made engineering solutions for
complex purpose-built structures that require fast track turn around and
transport solutions. It operates across various sectors including oil and
gas, infrastructure, construction as well as projects and events.
|
No comments:
Post a Comment
Note: Only a member of this blog may post a comment.