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European Islamic Investment Bank is going to invest $16 million over 12 months in Rasmala Holdings Ltd through a financing facility convertible into shares representing about 35% of the group's enlarged capital.
Rasmala chairman Ali Shihabi stated that Rasmala chief executive Anwar Abu Sbaitan would continue in that role.
The European Islamic Investment Bank (EIIB) has declared its first exit from an extremely successful oil venture in the US.
London-based EIIB had invested $17.5 million in acquiring a 78 per cent stake in TriTech. TriTech has now decided to sell its assets in the field for around $65m to JGC Energy Development (USA). Tha transaction is expeccted to be done within 45 days.
The London-based European Islamic Investment Bank (EIIB) is now focusing on the Islamic markets of the Middle East and Asia, changing the strategy used until now.
Part of the strategy is to relocate some of its key personnel from its London office to its representative office in Bahrain.