The notice to Marfin FG's Board of Directors indicates that the agreements may become final within two months from today once the following criteria are met:
1. Financial and legal due diligence of MARFIN F.G. to the satisfaction of DF.
2. Approval of the transaction from the regulatory authorities.
3. Execution of a shareholders agreement between DF and Mr.Andreas Vgenopoulos, Vice Chairman of MARFIN F.G..
Mr. Vgenopoulos will keep his 6.75% participation in MARFIN F.G and will continue to oversee the company's business plan, management's structure, incentives and employment policies.
Once the agreements are finalized, DF will pay 25 Euros per share to the selling shareholders.
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Marfin Financial Group: "Dubai Financial" to become its major shareholder
- United Arab Emirates: Saturday, March 18 - 2006 at 12:51
- PRESS RELEASE
The Board of Directors of MARFIN F.G. announced today that it has been officially notified that Dubai Financial LLC ("DF"), a subsidiary of Dubai Investment Group, intends to acquire shares corresponding to 31,55% of MARFIN F.G's total shares and has signed Sale and Purchase Agreements indicating its desire to become a strategic shareholder.
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Dubai Financial operates as a subsidiary of Dubai Investment Group, the global financial investor of Dubai Holding and aims at contributing to and reinforcing the Group's developing position. It has particular interest in building upon the financial sector, which is witnessing record growth rates both at the regional & internationals levels.DF's portfolio currently includes Thomas Cook India Limited (TCIL), and will shortly own 70% stake in Dubai Bank. It is currently looking at financial sector opportunities in Turkey, Malaysia and Indonesia.
About Dubai Investment Group and Dubai Financial
Dubai Financial is a subsidiary of Dubai Investment Group LLC (DIG). DIG is the global financial investor of Dubai Holding. Headquartered in the Emirate of Dubai and with local offices stretching from New York through London to Kuala Lumpur, DIG focuses on long and short term investments with the potential to deliver exceptional and sustainable performance. DIG is structured as a conglomerate of investment companies operating around core expertise in the asset classes of Global Securities, Real Estate and Fund Management. Dubai Investment Group has created and manages a diversified and rapidly expanding portfolio of direct and indirect investments. It focuses on key sectors including Financials, Industrials, Telecommunications and Hotels.
About Dubai Holding
Dubai Holding was launched in October 2004 to consolidate the various large scale infrastructure and investment projects in Dubai that were created over the past five years as well as to research, identify and execute future major projects that will benefit the UAE and the region.
Dubai Holding currently acts as holding company for over 20 companies operating in a variety of sectors ranging from health, technology, finance, real estate, research, education, tourism, energy, communication, industry, biotechnology and hospitality.
These companies include: Tecom, Tatweer, Dubai International Capital, Dubai Properties, Jumeirah group, Dubai International Properties, and Dubai Investment Group.
For further information please contact:
Reem Sadek
JiWin
The Public Relations Subsidiary of Dubai Press Club
Dubai Media City
Tel: +971 4 3613333
Fax: + 971 4 3888001
Posted by Lara Lynn Golden, News EditorSaturday, March 18 - 2006 at 12:51 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 Fri Feb 02 2007.
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