TWG retaines NBK Capital as financial advisors

Jassim Transport is a leading Kuwaiti company engaged in logistics businesses, namely warehousing, commercial transport, fuel transport, port operation, and equipment leasing. Jassim Transport operates the largest fuel tanker fleet in the Middle East and the second largest warehouse facilities in Kuwait. The company is also the largest port operator and equipment rental provider in Kuwait. Jassim Transport has a number of contracts with the US military and with private sector customers. The company posted earnings of KD12.5 million for the year ended December 31, 2004 on a debt-free balance sheet featuring KD30 million in shareholders' equity.

The decision of TWG to sell Jassim Transport is in direct recognition of two compelling facts. The first that TWG has significantly grown over the past three years and today operates in a number of distinct businesses. The second that each of these businesses has significant growth potential that can be better unlocked through a focus on operation. In addition to Jassim Transport, TWG owns a leading transportation business involving public ground transportation and travel services.

Tarik Ahmed Abdul-Kareem, member of the Board of Directors of TWG, stated that

'The Board of Directors will be shortly calling for a shareholders' assembly meeting to approve the sale of Jassim Transport. The assembly meeting will happen in December, by which time we expect to firm up offers.'

'We expect to complete the sale within a timeframe to enable TWG to realize a significant capital gain on the sale of Jassim Transport which will be paid out as dividends early in 2006 and have prepared all necessary documentation to allow serious potential buyers, both current and prospective, to engage and complete the deal within this timeframe' continued Mr. Abdul-Kareem.

NBK Capital is the newly established investment banking and private equity arm of National Bank of Kuwait.