Showing posts with label Manazel. Show all posts
Showing posts with label Manazel. Show all posts

Tuesday 25 May 2010

You Said What?: The Nonsense of More Transparency and Disclosure


As reported in The National.  One hopes erroneously.
"At the same time, Mr al Suwaidi said, increased regulations of sovereign wealth funds by the West may deter the funds from making foreign investment. “More questions will be asked, more forms will become necessary, and more disclosure and transparency will be demanded. Faced with all this nonsense, sovereign wealth funds will certainly come to the conclusion that it is time to change strategy.”"

Wednesday 23 December 2009

Manazel Restructuring - Gulf Bank

AlQabas reports that the bank involved in the restructuring is Kuwait's Gulf Bank.

Earlier post here.

By the way earlier I omitted mentioning that The Investment Dar owns 25% or so or Manazel.  Carrying value in 2007 was some KD 25 million.  A recovery in Manazel will be positive for TID, but isn't going to close the asset - liability gap identified in the creditors' assessment.

Tuesday 22 December 2009

Manazel Signs Restructuring Agreement KD43.66 Million (US$152.8 Million)




Manazel announced on the KSE today that one of its subsidiaries Manazel Construction Company had signed a rescheduling with a local bank for KD43.66 million (US$ 152.8 million).  This represents 80% of the debt of the consolidated group.   As of 30 September, Manzel had approximately KD138 million in assets, KD62 million of shareholders' equity, KD 11 million of minority interest and KD 65 million of liabilities.

Here's the KSE announcement:


12:11:10]  ِ.شركة مملوكة ل(منازل) توقع اتفاقية وكالة في الاستثمار لاعادة جدولة ديونها
يعلن سوق الكويت للاوراق المالية انه قد ورد الية الان من شركة منازل ‏
القابضة (منازل) كتاب يفيد بان شركة منازل للتعمير وهي احدى الشركات ‏
المملوكة بنسبة 100% قد وقعت اتفاقية وكالة في الاستثمار لإعادة جدولة ‏
ديونها بمبلغ 43.660.000 د.ك مع احدى البنوك المحلية لمدة خمس سنوات
وهو ما يعادل 80% من اجمالي ديون شركة منازل القابضة .‏