A Partnership between National Bank of Umm Al Qaiwan and Global Investment House.Summary: The National Bank of Umm Al Qaiwain PSC (Public Service Commission) Same as PUC. ("NBQ") and Global Investment House ("Global") announced today a primary agreement to issue and subscribe a convertible debt instrument. The National Bank of Umm Al Qaiwain PSC ("NBQ") and Global Investment House ("Global") announced today a primary agreement to issue and subscribe a convertible debt instrument. The instrument will be issued by NBQ to Global for a total consideration of AED AED - Automated Engineering Design 2.36 billion. Global shall have the option to convert the instrument into 330 million new shares of NBQ. Upon successful conversion, the new issue would imply 25% expansion of the existing paid in share capital, giving Global 20% shareholding in NBQ. Finalizing the issuance is subject to UAE (Uninterruptible Application Error) The name given to a crash in Windows 3.0. In subsequent versions of Windows, a crash was called a "General Protection Fault," "Application Error" or "Illegal Operation." See crash in Windows and abend. regulatory authorities' approval. On this occasion, Sheikh Nasser bin Rashid Al Moalla, MD & CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of NBQ stated, "We welcome Global as our new investor, and we believe that Global, being one of the most active investment companies in the region will add more value to the Bank in areas of asset management and corporate finance services". Upon conversion, it will raise NBQ's paid-up capital to AED1.65 billion and also will raise the shareholders' equity to over AED5.0 billion. The new capital will assist the Bank to develop its business operations and enhance its growth rate with a more solid capital basis, he further added. Mr. Omar El-Quqa, Executive Vice President at Global said "This investment is in continuation of our interest to widen and strengthen Global's presence in the GCC GCC: see Gulf Cooperation Council. (compiler, programming) GCC - The GNU Compiler Collection, which currently contains front ends for C, C++, Objective-C, Fortran, Java, and Ada, as well as libraries for these languages (libstdc++, libgcj, etc). banking and finance sector". "Our association with NBQ, should help us in several ways", added El-Quqa, "not only will it add to the distribution power of Global and also improve its flexibility for engineering capital adequacy for future expansions and principal investments." The National Bank of Umm Al Qaiwain (NBQ) was established in 1982 and since then it has been consistently growing in assets and yearly profits. It is currently offering retail, corporate and institutional banking services and also operates an Islamic banking window. NBQ has 16 branches across the Emirates, and have plans to expand further into other countries in the region. The Bank is listed on the Abu Dhabi Stock Market, and is among the leaders, in terms of market capitalization. It is well positioned to gain from the economic growth in the UAE, and in the neighboring GCC countries. It has an aggressive business plan to reinforce its presence in the region. The Government of Umm Al Qaiwain is the bank's major share holder since its inception besides other UAE major investors. Global Investment House is a leading investment institution in the region. It is among the largest asset managers in the Middle East with US$9.5 billion in assets under management Assets Under Management (AUM) is a term used by financial services companies in the mutual fund and money management or investment management business to gauge how much money they are managing. . It is one of the most preferred investment banks in the region and is highly active in the area of principal investments. In May 2008, Global conducted a successful USD USD In currencies, this is the abbreviation for the U.S. Dollar. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. 1.15 billion and was listed at The London Stock Exchange London Stock Exchange London marketplace for securities. It was formed in 1773 by a group of stockbrokers who had been doing business informally in local coffeehouses. . It was assigned BBB/A-3 (long and short-term counterparty ratings with a stable outlook) by Standard and Poor in August 2008. Global's principal investments are largely targeted to initiatives of widening its geographical presence for distribution power as well as building a presence in strategically related sectors for stabilizing its annuity. Global also recently acquired a 19.0% stake in the Bank of Bahrain and Kuwait The Bank of Bahrain and Kuwait was established in 1971 in both the Kingdom of Bahrain and the State of Kuwait. Its shareholders consist of the general public and government of Bahrain, and banks and investement companies in Kuwait. (BBK). It also has strategic stake in several other banks, consumer finance companies, real estate and corporate finance institutions in the MENA MENA Middle East & North Africa MENA Middle East News Agency (Arabic Wikalat Al-Anbaa' Al-Sharq Al-'awsat) MENA Medium-Energy Neutral Atom MENA Mammalian Enabled MENA Mission Element Need Analysis region. Global is currently operating across 16 countries through wholly owned subsidiaries and jointly controlled partnerships. 2008 Mena Report (www.menareport.com) 2008 Al Bawaba (Albawaba.com) Provided by Syndigate.info an Albawaba.com company |
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