Private placement in Ikarus Petroleum Industries by National Industries Group oversubscribed

NBK Capital, the investment and merchant banking subsidiary of NBK, together with Noor Financial Investment Company (NOOR), announced today, the successful completion of the Offer to Shareholders of the National Industries Group S.A.K. (NIG) of 149,348,242 shares or 19.91% of, Ikarus Petroleum Industries K.S.C.C.(Ikarus Petroleum).

Kuwait: Saturday, May 13 - 2006 at 13:44
PRESS RELEASE

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The Offer raised KD50,061,980. NBK Capital and NOOR were joint financial advisors and lead managers for the transaction. The Offer was made to eligible shareholders of NIG on the basis of one offer share for every five NIG shares and was priced at KD0.300 per Offer Share. The Offer closed on 27th April 2006. The proceeds raised will be used by NIG for general corporate purposes or future investments. NIG and the Lead Managers will place a notice informing subscribers of the availability of their allocation once all of the data is compiled and audited. Refunds of oversubscriptions are expected to commence within one week.

'We are very pleased with the success of the Offer to NIG shareholders, and its subsequent oversubscription. We believe this to be reflective, of the quality of our financial advisors as well as the value of Ikarus Petroleum, its growth strategy, quality of management and the potential within the industry,'

said Mr. Saad Al Saad, Chairman & Managing Director of NIG.

'NBK Capital is proud to have been selected as financial advisor and lead manager for this important transaction for NIG which is in line with our business focus to provide strategic advisory services to companies in the region. This transaction exemplifies the quality of deals NBK Capital intends to bring to the market. Appetite amongst shareholders to invest in Ikarus Petroleum was high given the promising fundamentals of the company as a leading diversified petrochemical-focused company, combined, with the continued forecasted growth of the petrochemical sector, particularly in the Middle East,' said Mr. George Nasra, CEO and Board Member, NBK Capital.

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About NIG
NIG is a leading diversified industrial and investment company head quartered in Kuwait with equity interests in petrochemicals, gas, metals, finance, engineering sectors and real estate, around the globe. NIG is a publicly listed company on the Kuwait Stock Exchange (Ticker symbol: NIND).

About Ikarus Petroleum
Ikarus Petroleum Industries K.S.C.C. was established in 1996 and today engages in the development of and investment in local and regional petroleum and petrochemical ventures. The Company's strategic objective is to pursue viable investment opportunities and growth through expansion in market reach and products range, both in the upstream and downstream petrochemical sectors. The Company's current portfolio of investments consists of a direct equity holding of 11.46% and 8.00% of the issued share capital of Saudi International Petrochemical Company ('Sipchem') and National Petrochemical Industrialization Company ('Tasnee'), respectively.

About NBK Capital
NBK Capital is the investment and merchant banking subsidiary of National Bank of Kuwait. Established in July, 2005, NBK Capital specializes in investment banking with focus on providing advisory services on mergers and acquisitions as well as debt and equity capital raising. The merchant banking activities of NBK Capital are focused on investing in privately owned companies. NBK Capital has over 40 professionals, in offices strategically located around the GCC and Middle East Region, which include Kuwait, Dubai International Financial Centre, UAE, and Beirut, Lebanon.

For further information please contact the Press Office:
P.O. Box 95, Safat 13001, Kuwait
Tel: (965) 2460 168 -
Fax: (965) 2465 190

Posted by Lara Lynn Golden, News Editor
Saturday, May 13 - 2006 at 13:44 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.

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