Printer Friendly

CORECAP MERCHANT BANK closes first tranche of private placement at QR 55 Million and is heading to QR 100 Million closing.

CORECAP Limited, a leading alternative investment firm, has announced today the closing of the first tranche of the private placement of CORECAP MERCHANT BANK LLC Qatar, the firm's financial arm, at QR 55 Million issued capital and is heading for a second closing at QR 100 Million soon.

Among the largest shareholders of the Bank now is Mr. Khaled Nosseir, who has also been recently appointed as Co-Chairman of CORECAP Limited and Chairman of CORECAP MERCHANT BANK LLC. Mr. Khaled Nosseir is the Chairman of Alkan Group of companies, one of Egypt's leading business conglomerates and most respected corporations in the MENA region.

Mr. Khaled Nosseir said, "I am delighted to be joining CORECAP's shareholder base and board of directors to work closely with such a talented group of entrepreneurs. 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 US$ 600 Million."

Mr. Khaled Hassan Rashed, founder and CEO of CORECAP said: "On behalf of CORECAP's shareholders and team we would like to welcome Khaled Nosseir on board. Mr. Nosseir is an established businessman with an outstanding track record. His guidance and contribution are imperative for our growth. 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 among other prominent clients. Our first closing of our targeted QR 100 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." 2009 Al Bawaba (

2009 Al Bawaba (

Provided by an company
COPYRIGHT 2009 Al Bawaba (Middle East) Ltd.
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 2009 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Date:Oct 21, 2009
Previous Article:Qurain Petrochemical Industries Company announces a profit of KD 7.79 million.
Next Article:Iran agrees to ship out enriched uranium to Russia.

Related Articles
QIB QR 854 mn net profit for 2008 first half Push a 70.2 % growth.
QIB QR 854 mn net profit for 2008 first half.
Corecap launches Islamic Merchant Banking.
First Quarter 2009 Financial Results.
Commercialbank of Qatar net profit on the rise.
CORECAP MERCHANT BANK fund-raising in Qatar.
Corecap gets $15m capital boost; eyes $27m more.

Terms of use | Privacy policy | Copyright © 2018 Farlex, Inc. | Feedback | For webmasters