EuroMena II acquires stake in FNB

Private equity fund buys seven percent of First National Bank’s 13.2 million shares

August 3, 2011- Capital Trust Group’s EuroMena II said that it has acquired seven percent of First National Bank’s stake, equivalent to 930,000 shares. The acquisition was made through obtaining the majority of the shares of the United Investment Company, a local business projects company, which had held 7.9 percent of the bank’s stake.

FNB’s capital amounts to 13.2 million shares worth around $20.5 million. FNB has a total of 30 shareholders, 14 of which hold 94 percent of shares. Invest Bank P.S.C. (U.A.E.) is the largest shareholder with 18 percent. The Chairman of FNB, Rami El Nimer, holds 15 percent of the shares. Promotion Des Investissements (Holding) holds 12 percent of the bank’s share capital. Khaled Abdallah Al Sagar (Kuwaiti) holds 9.19 percent of the shares.

The Managing Director of the EuroMena II fund, Romen Mathieu, said the fund will take part in the management of FNB as it does in all its investments. The one hundred million dollar fund is currently undertaking three other investments, locally and abroad, with a total value of $50 million.

Capital Trust Group is a private equity and real estate firm operating in MENA, Europe, and the United States through its subsidiary companies, with offices in London, New York, Washington, and Beirut. The group includes European and Arab investors.
EuroMena II is Capital Trust’s third fund for the Mena region after EuroMena (a $63 million, private equity fund) and MENAVEST (a $54 million private equity fund).

FNB’s consolidated net profits stood at $16.2 million in 2010, up from $9.8 million in 2009. Total assets reached $2.5 billion at year-end 2010, up by 17.2 percent from $2.2 billion at year-end 2009.