Six buildings were levelled in the initial wave of strikes and according to a preliminary toll, six people were killed and 91 wounded
mena2 hours ago
According to a Press statement, the results are the culmination of a strong year for Unicorn, in which the bank further strengthened its capital and funding base. In January, the bank successfully closed a 3-year syndicated commodity Murabaha facility that was significantly oversubscribed, raising $125 million. Despite the global financial crisis, Unicorn also successfully raised new capital through an international private placement. The increased capital resources, czzzzombined with the bank’s modest degree of leverage and strong liquidity, will fund its continuing regional and international business expansion.
Unicorn has no exposure to the toxic assets that have caused major losses across the global banking industry. The bank has also deliberately avoided the real estate and listed equity markets. Unicorn has a very low debt-to-equity or leverage ratio and is well-positioned to weather the shocks that are currently affecting the banking industry, the statement said.
The bank recorded a fourth quarter operating profit of $15.7 million. However, in light of the adverse effects of the global financial crisis, the bank adopted a conservative and prudent approach to the valuation of its private equity portfolio and recorded investment write-downs of $31.8 million. These write-downs reflect the current market uncertainties and the general drop in valuations across the globe.
The write-downs, together with impairment charges of $7.0 million against Sukuk and equity securities, resulted in the bank reporting a net loss of $18.4 million in the fourth quarter of 2008.
Unicorn completed several high profile transactions in 2008, including the acquisition of Bahrain Financing Company, one of the leading foreign exchange and remittance houses in the GCC. IT also acquired Bahrain Exchange Company in Kuwait and EzRemit in the United Kingdom. Notable private equity transactions included the acquisition of US-based Sun Well Services.
Unicorn also sold its shares in UAE-based Orimix Concrete Products, generating a return on capital of 160 per cent. The Orimix transaction was recently named the Islamic Finance Deal of the Year by Euromoney magazine. In asset management, Unicorn raised capital for Turquoise Coast Investment Company, a real estate investment company established to provide investors with an opportunity to benefit from the thriving vacation homes market on Turkey’s Aegean Coast.
· business@khaleejtimes.com
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