CORECAP MERCHANT BANK closes first tranche of private placement at QR 55 Million and is heading to QR 100 Million closing

Published October 21st, 2009 - 10:36 GMT

 CORECAP Limited, a leading alternative investment firm, has announced today the closing of the first tranche of the private placement of CORECAP MERCHANT BANK LLC Qatar, the firm’s financial arm, at QR 55 Million issued capital and is heading for a second closing at QR 100 Million soon.

 

Among the largest shareholders of the Bank now is Mr. Khaled Nosseir, who has also been recently appointed as Co-Chairman of CORECAP Limited and Chairman of CORECAP MERCHANT BANK LLC. Mr. Khaled Nosseir is the Chairman of Alkan Group of companies, one of Egypt’s leading business conglomerates and most respected corporations in the MENA region.

 

Mr. Khaled Nosseir said, “I am delighted to be joining CORECAP’s shareholder base and board of directors to work closely with such a talented group of entrepreneurs. CORECAP’s solid business model has allowed it to cumulatively build on its strengths through the pipeline of deals it is undertaking. In 2009 alone, the Bank has been mandated by several leading institutions as lead advisor and manager for transactions with a total value of US$ 600 Million.”

 

Mr. Khaled Hassan Rashed, founder and CEO of CORECAP said: “On behalf of CORECAP’s shareholders and team we would like to welcome Khaled Nosseir on board. Mr. Nosseir is an established businessman with an outstanding track record. His guidance and contribution are imperative for our growth. In 2009, the Bank’s expertise and solid foundation has allowed it to expand its business selectively. We have been appointed as the financial advisor to Rakeen, one of the premier real estate developers of RAK Government; Alkan Group Egypt, one of the largest Regional business conglomerates; and Prime Link Logistics in the UAE among other prominent clients. Our first closing of our targeted QR 100 Million issue in the current market climate reflects the investors’ trust in our business model. We will use the capital to strengthen the Bank’s Merchant Banking activities and support its regional business expansion.”


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