Portfolio Update - March 2011
Asian Finance Bank Berhad Asian Finance Bank Berhad (AFB or the Bank) commenced operations in 2007 in Kuala Lumpur, Malaysia. AFB is one of the three foreign Islamic banks that have been granted a license by the Central Bank of Malaysia to undertake Islamic banking business. AFB offers Shair ah compliant products covering consumer, commercial (including SME and trade finance), corporate, treasury and investment banking services. The Bank has a presence in Malaysia and a representative office in Indonesia. GMFA s stake diluted in January 2011 from 10% to 8% due to non-participation in a rights issue. Investment Date: July 2008 Company Website : www.asianfinancebank.com USD '000 Operating Income Net Profit 2009 11,602 870 96,670 612,000 2010 5,735 (10,963) 124,503 727,909
BMI Bank BSC BMI Bank BMI Bank BSCI(previously Bank Muscat International) (BMI or the Bank) was established in 2005 in the Kingdom of Bahrain. BMI operates under licenses issued by the Bahrain Monetary Agency and is engaged in commercial banking activities through its eight branches in Bahrain. BMI also operates an Offshore Bank in the Seychelles, a branch in Qatar and has a 21.33% shareholding in Gulf African Bank in Kenya. BMI currently offers a wide range of financial solutions including retail banking, SME banking, corporate banking, private banking, global trade services international business development, financial institutions and correspondent banking, Islamic financial services and treasury services. BMI also owns the Diners Club Services Bahrain W.L.L and operates the Diners Club cards franchise in Bahrain, Syria and Yemen. GMFA has a 10% stake in the Bank. Investment Date : July 2008 Company Website : www.bmi.com.bh USD '000 Net Interest Income Net Profit 2009 40,466 (44,941) 298,771 1,786,326 2010 38,491 (70,632) 230,357 1,574,672
The Industrial Bank of Kuwait K.S.C The Indusial Bank of Kuwait K.S.C (IBK or the Bank) was established in 1973 by Government of Kuwait with the initiative of supporting industrial projects in Kuwait. The Bank offers conventional as well as Islamic banking products such as an industrial and trade finance, corporate banking and portfolio management services. GMFA has a 2.5% stake in the Bank. Investment Date: July 2008 Company Website: www.ibkuwt.com USD '000 Net Interest Income Net Profit 2008 79,050 34,161 716,051 2,073,553 2009 66,268 10,622 671,966 2,196,202
Al Manar Leasing and Financing Company KSCC Al Manar Leasing and Financing Company (Al Manar or the Company) is Kuwait based Islamic financial institution. It was established in November 2003. Al Manar provides Shari'ah compliant financial products and services across variety of sectors, including consumer, real estate and fleet financing. The Company operates through four branches in Kuwait and currently has over 12,000 customers with a lending portfolio of over $155 million as of end of 2010. GMFA ha s a 13.70% stake in Al Manar. Investment Date: July 2008 Company Website : www.almanar.com.kw USD '000 Revenues Net Profit 2009 30,555 (13,613) 117,448 283,433 2010 21,258 2,739 121,400 213,207
Al-Soor Financing and Leasing Company KSCC Al-Soor Financing and Leasing Company KSCC (Al-Soor or the Company) is a closed Kuwaiti shareholding company. It was established in July 2005 under the regulatory guidance set by the Central Bank of Kuwait. Al-Soor operates in the financing industry offering a range of services in consumer finance, trade finance, and supplementary home improvement finance. The company has plans to enter attractive and fast growing Islamic financing market through one of its subsidiaries. GMFA has a 12.4% stake in the Company. Investment Date: July 2008 Company Website : www.alsoorfinance.com (under construction) USD '000 Revenues Net Profit 2009 42,090 18,454 227,528 377,880 2010 39,974 14,595 246,684 397,438
Bindar Trading and Investment Company Bindar Trading and Investment Company (BTIC or the Company) is a Jordan based Islamic consumer finance company. BTIC was established in 2000 and was listed on the Amman Stock Exchange in 2004. BTIC s primary area of activity is financing the purchase of vehicles, durable assets and real estate. The company also offers car rentals and also operates a car showroom. GMFA has a 69.60% stake in the Company. Bindar has made a disclosure to the Amman Stock Exchange that it is conducting a study to assess feasibility of a merger with Jordan Trade Facilities Company, a GMFA portfolio company. An external reputed agency has been engaged to conduct the feasibility study in three phases. Investment Date: July 2008 Company Website: www.bindar-jo.com USD '000 2009 2010 Revenues 6,101 5,768 Net Profit 1,783 (345) 30,800 31,008 48,787 43,447
Jordan Trade Facilities Company PSC Jordan Trade Facilities Company (JTFC or the Company) was established in 1983 in Jordan and was listed on the Amman Stock Exchange in 2001. JTFC was one of the first companies to enter the consumer finance business in Jordan and provides financing for vehicles and durable assets. JTFC recently launched its cobranded MasterCard with International Cards Company (ICC), enabling its customers to enjoy a new range of services. In addition, JTFC has recently expanded its operations to include a leasing business named Ta ajeercom. JTFC has made a disclosure to the Amman Stock Exchange that it is conducting a study to assess feasibility of a merger with Bindar Trading & Investment Company, a GMFA portfolio company. An external reputed agency has been engaged to conduct the feasibility study in three phases. GMFA has a 87.27% stake in the Company. Investment Date: July 2008 Company Website: www.jtc.com.jo USD '000 2009 2010 Revenues 5,538 5,589 Net Profit 370 2,016 25,627 27,849 42,190 41,713
Dar Al Tamleek Company SCJSC Dar Al Tamleek Company Dar Al Tamleek Company (DAT or the Company) is a Saudi based closed Joint Stock Company. The Company has authorized capital of SR 1 billion with 25% paid up capital as of 31 st December 2009. Its business activities mainly involve mortgage financing as per Islamic principle and is also authorized to trade in real estate, purchase and rent vehicles, ships, and civil aircrafts. GMFA has a 5% indirect stake in the Company. Investment Date: June 2009 Company Website: www.daraltamleek.com USD '000 Revenues Net Profit 2009 4,409 (6,335) 120,940 139,334 2010 18,078 6,076 127,070 158,800
Gulf Takaful Insurance Company Gulf Takaful Insurance Company Company Background : Gulf Takaful Insurance Company (the Company or GTIC) is a closed Shariah compliant shareholding company, established in September 2004 with a share capital of KD15 million. The Company primarily focuses on providing Shariah compliant insurance services including life, motor, property and general accident insurance, re-insurance products and insurance appraisals. Gulf Takaful has the largest medical provider s network in Kuwait, which includes over 74 hospitals, clinics, pharmacies and labs. GMFA has an 18% stake in the Company Investment Date: July 2008 Company Website : www.gulftakaful.com USD'000 ( DEC ) Revenue Net Profit 2009 (4,781) (5,296) 49,616 52,503 2010 (1,472) (1,981) 49,774 52,774
Al Fajer Retakaful Insurance Company KSCC Dar Al Tamleek Company Al Fajer Retakaful Insurance Company KSCC (Al Fajer Re or the Company) is the first Retakaful insurance company based in Kuwait and commenced its operations in April 2008, with a paid up capital of KD50 million ($175.1 million), and a license to operate reinsurance business for all kinds of takaful insurance (Islamic insurance). After establishing its base in Kuwait, the company is planning to further expand its operation in the wider MENA and Asian region with specific emphasis on new business lines such as life insurance. GMFA has a 20% stake in the Company. Investment Date: January 2010 Company Website: www.alfajerre.com USD 000 FY 3/2010 10M 2011 Revenue (4,305) 1,272 Net Profit (19,601) 1,109 154,049 158,143 155,583 161,169
PTC India Financial Services Ltd PTC India Financial Services Ltd (PFS) is promoted by PTC India Ltd (PTC), a Government of India undertaking, as a special purpose investment vehicle to provide total financial services to the entities in energy value chain, which inter-alia includes investing in equity and/or extending debt to power projects in generation, transmission, distribution; fuel sources, fuel related infrastructure like gas pipelines, LNG terminals, ports, equipment manufacturers and EPC contractors etc. PFS also provides non-fund based financial services adding value to green field and brown field projects at various stages of growth and development. GMFA has acquired 3.68% equity interest as an anchor investor in the initial public offering of the company. Investment Date: March 2011 Year end : 31 st March USD '000 Revenues Net Profits 2009-10 11,890 5,657 141,367 211,429 9M 2010-11 18,349 6,939 148,126 255,841
27-Jul-08 27-Sep-08 27-Nov-08 27-Jan-09 27-Mar-09 27-May-09 27-Jul-09 27-Sep-09 27-Nov-09 27-Jan-10 27-Mar-10 27-May-10 27-Jul-10 27-Sep-10 27-Nov-10 27-Jan-11 27-Mar-11 P r i c e ( B a s e : 100) 160 140 120 100 80 60 40 20 0 GMFA S&P GCC Large Cap Index 13
For more information please contact: Rajiv Nakani, CFA Managing Partner Global Capital Management Ltd. T: +965 295 1201 F: +965 295 1648 Global Capital Management Ltd., 100% subsidiary of Global Investment House KSCC Global Tower, Sharq, Al Shuhada a Street, Kuwait www.globalinv.net