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16 / 01 / 2008

UIB Acquires Danish Kosan Crisplant- a Global Leader in LPG Filling Technology

Headquartered in Aarhus, Denmark, Kosan Crisplant is a global leader in providing systems and solutions for the filling and reconditioning of liquefied petroleum gas (“LPG”) cylinders.

Leveraging its world class engineering and project management skills, the company serves its international customer base of LPG distributors.

Since Kosan Crisplant’s founding in 1951, the company has supplied systems to over 2,400 LPG distributors throughout 120 countries around the world. As of December 2007, Kosan Crisplant employed 270 people worldwide.

Mr. Asaad Albanwan, UIB Chairman of the Board noted: “The acquisition of a global leader in a highly demanded technology will further enable UIB in building a quality portfolio which provides robust investment opportunities to the Bank’s investors including shareholders. Kosan Crisplant has tremendous long-term growth potential and we look forward to partnering with management to create value in the years ahead.”

Commenting on the deal, Mr. Abdulla Janahi, General Manager & Acting Chief Executive Officer of UIB said: “We are pleased to complete this transaction in a timely manner and to take ownership of such a well-regarded global company. The passion and dedication of the employees combined with the senior management team’s leadership abilities and extensive experience underscore our belief that we can continue Kosan Crisplant’s 50 year tradition of providing innovative products and outstanding services to its customers as well as enhance the company’s position as the global market leader.”

Mr. Anders C. Anderson, Managing Director/CEO of Kosan Crisplant, noted: “We have been able over the past few years to significantly develop the company by expanding the geographic foot print to eleven locations worldwide. In addition, we initiated sourcing and assembly operations in cost-effective locations, launched several new product offerings and commenced a successful facility management concept. UIB will provide us with the opportunity to leverage their strong network in the Middle East region – one of our key markets – and we look forward to continuing Kosan Crisplant’s development and believe that UIB will be able to take our group to the next level.”