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21 Oct 2010 07:00
European Islamic Investment Bank plc
("EIIB")
Corporate Transaction
21 October 2010
EIIB announces that it has agreed to invest, through its wholly owned subsidiary, EIIB Invest Co SPC, a total of US$10,000,000 in Accelerator Technology Holdings Limited ("ATH"). ATH is a Guernsey domiciled holding company that acts through a group of companies established in Bahrain and Jordan to invest in technology media and telecommunications companies, primarily in the Middle East and North Africa. The investment in ATH has been made by EIIB in cash by the purchase, from a number of existing shareholders, of ordinary shares in ATH representing, at the date of purchase, approximately 19.4% of the issued share capital of ATH.
According to its latest audited accounts, ATH had net assets of US$53,364,924 at 30 June 2009. ATH's total comprehensive income for the 18 month period to 30 June 2009 was US$13,247,733. For the 12 month period to 31 December 2007 total comprehensive income was US$58,409. Profits for the 18 months to 30 June 2009 included a one off unrealised gain of US$16.4m as a result of the increase of the fair value of a trading investment.
Subhi Benkhadra, a Director and the Chief Executive Officer of EIIB, is a Non-executive Director of ATH.
EIIB Subhi Benkhadra, Chief Executive Officer Keith McLeod, Finance Director and Deputy Chief Executive Officer
| +44 20 7847 9900 |
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