Last checked at 12 Jun 2008 07:05
12 June 2008
THE PARKMEAD GROUP PLC
("Parkmead" or the "Group")
The Shoaibi Group acquires strategic stake in Parkmead
Parkmead, the specialist energy sector banking and investment group, is pleased to announce that the Saudi Arabia based Shoaibi Group has acquired 30,303,030 shares in the Group, representing 8.23% of the Group's issued share capital. The shares were acquired at 4.75p, a premium to the current market price.
This is a strategic investment by the Shoaibi Group in Parkmead which will allow the two groups to collaborate on Oil & Gas related investments across the Middle East, North Africa and beyond.
The Shoaibi Group, which has its headquarters in Al Khobar (Saudi Arabia), was established over 30 years ago to develop and carry out industrial and commercial activities in the Kingdom of Saudi Arabia and across the Middle East. It has established a reputation for excellence and reliability in the Oil & Gas sector.
The Shoaibi Group is active in the upstream and downstream Oil & Gas construction, services and supply sectors on its own account and in partnership with others, including, Alderley, Axens, DrilQuip, EMGS, Expro, FMC, Global Geophysical, Halliburton, Mc Dermott, MIS, Petrolvalves, Pride, Sensornet, Swellfix, Technip, Tesco, Topaz, Velosi, Tenaris and WellTech. The Shoaibi Group is a leading investor in early and growth stage Oil & Gas technology companies globally as well as undertaking broader private equity investments.
The Shoaibi Group is also a founding member of Gulf Capital, Gulf One Bank, Venture Capital Bank and Saudi United Cooperative Insurance Company.
Commenting, Shoaibi Group Director Faisal Al Shoaibi, said:
"The Shoaibi Group is very pleased to be making this strategic investment in Parkmead at a time when the Oil & Gas sector is experiencing an unprecedented number of challenges and opportunities. With the strength of its Board and management, we believe that Parkmead is well placed to capitalise on these opportunities.
Commenting, Parkmead Chief Executive Officer, Niall Doran, said:
"Both Parkmead and Shoaibi Groups have an extensive presence in the Oil & Gas sector and we see significant opportunities to collaborate on investments. We welcome the Shoaibi Group as a shareholder and look forward to working with them."
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For further information:
| The Parkmead Group plc | 020 7494 5770 |
| Niall Doran CEO | |
| Gordon Ashworth, CFO | |
| Shoaibi Group | + 9663 894 1700 |
| Faisal Al Shoaibi Group Director | |
| Mark Jenkins Group Director | |
| Madano Partnership | 020 7593 4000 |
| Matthew Moth/Mark Way | |
| Charles Stanley Securities (Nominated Adviser) | 020 7149 6482 |
| Rick Thompson |