Al Salam to set up $100m agri investment firm

TradeArabia News Service | Manama: Fri, 13 Nov 2009

Al Salam Bank has announced plans to launch a new $100 million agricultural investment company in Bahrain which will focus on east Asia and Turkey.

The firm will be set up next month. The decisions were taken at an extraordinary general meeting at the Ritz Carlton Bahrain Hotel and Spa on Thursday.

The bank's shareholders on Thursday gave its board the go-ahead to enter the market to raise money through the issue of sukuk.

But bank chairman Mohhamed Alabbar said it was unlikely they would use this facility until beyond next year.

By then, the bank may be looking to issue sukuk of between $100 million and $500 milion.

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