Aabed Al-Zeera, CEO and Board member IIB told reporters that US market carries huge opportunities and IIB never been in that market and hope to grab the right opportunities in 2013.
Earlier 75.5% shareholders of the bank approved the financials for the year 2012 during annual general assembly held at the Kempinski Hotel and led by Chairman of the bank Saeed Abdul Jalil Mohammed Al Fahim and said that the turnaround of the bank reflected in posting $8.2million profit. “The profitability is a reflection of IIB’s cautious investment and exit strategy in line with the bank’s stringent criteria in order to generate an attractive return on investments,” the Chairman asserted.
“With the continued contraction of the global economy and weaker than expected growth in many parts of the world, we believe our investment strategy is one that sustains even during challenging market environment. In Bahrain last year, we witnessed glimpses of recovery in the private and public sectors as we look forward to see the similar trends in 2013,” he added.
“Despite the market slowdown we acquired three new long-term assets with total $22.9million investments and increased our stake in shareholding of $3.4 million in other two of our existing investments. The market slowdown, particularly in Europe and the political uncertainty in MENA countries minimising the exit opportunities during 2012 and IIB continued to rely on other mature investments,” Aabed Ali Zeera, said.
Tharawat Investment House (Tharawat), a Bahrain-based Islamic investment house specialized in providing and management of alternative investment business and announced the completion of a 49% acquisition of the Hungry Bunny fast food restaurant chain, the well-known Saudi fast food brand.
The Hungry Bunny brand, which is owned by the Saudi businessman Mohamed bin Husain Al Dosary, is registered in the US, European Union, Middle East and the GCC states. The chain owns 38 branches which operate throughout Saudi Arabia, Kingdom of Bahrain, State of Kuwait and Sultanate of Oman under worldwide franchise agreements.
“Our acquisition of a strategic equity in the Hungry Bunny is part of the Bank’s objectives to penetrate and expand this vital service sector for which we shall focus our expertise for the development of this Company and boosting its sales and profits,” Abid Al Zeera, said.