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Qannas Investments (QIL)

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Monday 11 February, 2019

Qannas Investments

New Investment and Disposal

RNS Number : 6680P
Qannas Investments Limited
11 February 2019
 

Qannas Investments Limited

("Qannas" or the "Company")

Disposal of Investment in Project JODC and new Investment in Project Ronin

Qannas Investments Limited, the closed-ended investment company listed on the AIM market, is pleased to announce that it has deployed the proceeds of its exit from "Project JODC" in an investment into "Project Ronin".

 

Project JODC was an investment of $3.5m in an issuance of unsecured Sukuk at 9.85% p.a. fixed profit rate issued by Jabal Omar Development Company, one of the largest real estate developers in the GCC region. Qannas has realized proceeds of $3.578m from the exit.

 

Subsequently Qannas has participated in "Project Ronin" by investing $3.5m in subscribing to a secured Term Investment Certificate ("TIC") issued by an SPV wholly owned by Terra Real Investments LLC ("Terra"). This issuance is for a tenure of 5 years, with a fixed profit rate of 8.5% per annum, paid annually. The investment is secured against the shares of the SPV, which owns 72.7% of a prime real estate development in Bahrain.

 

ADCM Ltd is the investment manager of both Terra and Qannas, and its parent company, ADFG has a minority interest in Terra.

For further information please contact:

Qannas Investments Limited Tel: 01534 844 806

Nadia Trehiou

ADCM Ltd. (Investment Manager) Tel: +971 2 639 0099

Mustafa Kheriba

finnCap Ltd Tel: 020 7220 0500

Henrik Persson/William Marle (Corporate Finance)

 

 


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