SIII to fund construction of Bahrain’s Dream Island Project
Strategic Internet Investments (SIII) has been assigned a dredging and reclamation construction contract, under which it will begin construction of a 16.5 hectare (41 acre) man-made island to be situated approximately 250 meters offshore from the Al-Fatah Corniche Park on the north- east coast of Manama, Bahrain. The Dream Island Resort is designed to become a leisure and entertainment complex.
The dredging contract, dated August 2, 2002, between Robodh Contracting Est. of Manama, Bahrain and Star Leisure and Entertainment Inc. of Vancouver, Canada, stipulates that Robodh will be issued convertible preferred shares with a face value of $5.075 million, the total value of the dredging contract, as full payment to carry out the necessary dredging and reclamation work to construct the island.
Star Leisure, with the consent of Robodh, has assigned to SIII all benefits and obligations under the dredging contract. Accordingly, SIII will issue to Robodh $5.075 million face value series A convertible preferred shares. Final documentation to complete the issuance of the series A preferred shares, valued at four dollars per share, and to define the preferred shares respective rights and restrictions is expected to be completed within the next 10 days.
"Robodh Contracting has demonstrated exceptional confidence in the Dream Island Project and, particularly, in the future value of the company", states Abbas Salih, CFO and director of SIII. "For a construction contractor of the size and caliber of Robodh to make such a significant share investment in the developer's company speaks to their high regard for the project.”
SIII recently announced that it entered into a letter agreement with Canada-based Star Leisure to purchase 80 percent of the outstanding share capital of Bahrain incorporated Gulf Star World Development W.L.L. — (menareport.com)
© 2002 Mena Report (www.menareport.com)