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

Byline: Dubai

Corecap Limited, a leading alternative investment firm, has closed the first tranche 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 Group of companies, one of Egypt's leading business conglomerates and most respected corporations in the Mena region, according to 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 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
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