Istithmar PJSC closes on Inchcape Shipping Services transaction

Istithmar PJSC, a major investment house based in the UAE, has completed its acquisition of Inchcape Shipping Services (ISS), the world's largest independent marine management services provider.

United Arab Emirates: Tuesday, January 24 - 2006 at 11:30
PRESS RELEASE

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Istithmar's acquisition of ISS is being financed with a combination of debt and equity. The acquisition debt, including both senior loans and mezzanine financing, has been obtained from the Royal Bank of Scotland.

Commenting on its latest acquisition, Istithmar CEO, Muneef Tarmoom, said:

'As the leading independent global marine management services company, ISS has successfully combined its strong operational capabilities with cutting-edge web-based technology, to stay ahead in the ever-changing maritime environment. Istithmar is very confident about the company's future growth prospects, particularly in emerging markets where ISS is a recognized market leader in the provision of marine-related services''.

ISS manages over 50,000 port calls each year through a network of 2,300 people located in 210 ports in over 50 countries. With over 2,500 clients across the oil, cruise, navy, container and commodity sectors ISS, in partnership with some of the world's leading operators, has developed an innovative menu of tailored services. These range from local trouble shooting to global voyage management package.

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About Istithmar
Istithmar PJSC is a major investment house based in the United Arab Emirates focusing on private equity, real estate and other alternative investments. Established in 2003, Istithmar was created with the key mission of earning exceptional returns for its investors while maintaining due regard for risk.
Istithmar, which means investment in Arabic, applies global expertise with local insights to coordinate the appraisal and implementation of various opportunities. Istithmar's 'I' investment philosophy is based around three core principles -- Ideas, Inquiry & Integrity -- sets the foundation for the firm which has a broad portfolio of highly successful companies in markets from North America to Europe to Asia to the Middle East.

Established with an initial investment capital pool of $2 billion, Istithmar has, to date, invested in 30 companies deploying approximately USD 1 billion in equity capital. It currently focuses its activities in four industry verticals - Consumer, Financial Services, Industrial and Real Estate. Istithmar will enhance its own existing capital pool of $2 billion through partnerships with world-class corporations and other leading providers of capital, the creation of investment funds and leverage.

For further information, please contact Ghada Kammoun, Jaya Joshi, Bates Pan Gulf PR, Dubai, UAE, Tel: +9714-295 3456 Fax: +9714-295 1027

Posted by Anne-Birte Stensgaard, Senior News Editor
Tuesday, January 24 - 2006 at 11:30 UAE local time (GMT+4)

Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of AME Info FZ LLC / Emap Limited.

This Article was updated on Wednesday, March 28 - 2007

Index : Company News : Dubai World : Istithmar

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