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Corecap gets $15m capital boost; eyes $27m more.



Byline: Dubai Dubai (dbī`), sheikhdom (1995 pop. 674,101), c.1,500 sq mi (3,890 sq km), part of the federation of seven United Arab Emirates, SE Arabia, on the Persian Gulf.  

Corecap Limited, a leading alternative investment firm, has closed the first tranche Tranche

One of several related securities offered at the same time. Tranches from the same offering usually have different risk, reward, and/or maturity characteristics.


tranche

A class of bonds.
 of the private placement of Corecap Merchant Bank at QR55 million ($15 million) issued capital, and is heading for a second closing at QR100 million ($27.5 million) soon.

Among the largest shareholders of the bank now is Khaled Nosseir, who has also been recently appointed as co-chairman of Corecap Limited and chairman of Corecap Merchant Bank. Nosseir is the chairman of Alkan Alkan is a surname and may refer to:
  • Chaglar Alkan (b. 1981), Cypriot journalist and columnist
  • Charles-Valentin Alkan (1813 – 1888), French composer
  • Erol Alkan, British DJ
  • Siegfried Alkan (1858 – 1941), German composer
 Group of companies, one of Egypt's leading business conglomerates A Conglomerate is the term used to describe a large corporation that consists of diverse divisions. Conglomerate companies tend to be large multinational corporations with operations in multiple regions of the world.  and most respected corporations in the Mena region, according to according to
prep.
1. As stated or indicated by; on the authority of: according to historians.

2. In keeping with: according to instructions.

3.
 a statement.

"Corecap's solid business model has allowed it to cumulatively build on its strengths through the pipeline of deals it is undertaking. In 2009 alone, the bank has been mandated by several leading institutions as lead advisor and manager for transactions with a total value of $600 million," stated Khaled Nosseir.

"In 2009, the bank's expertise and solid foundation has allowed it to expand its business selectively. We have been appointed as the financial advisor to Rakeen, one of the premier real estate developers of RAK Government; Alkan Group Egypt, one of the largest regional business conglomerates and Prime Link Logistics in the 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.  among other prominent clients," stated Khaled Hassan Rashed, founder and chief of Corecap.

"Our first closing of our targeted QR100 million issue in the current market climate reflects the investors' trust in our business model. We will use the capital to strengthen the bank's merchant banking activities and support its regional business expansion."- TradeArabia News Service

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Publication:TradeArabia (Manama, Bahrain)
Date:Oct 19, 2009
Words:277
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