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21 / 05 / 2008

UIB Offers LPG filling investment opportunity

Bahrain-based United International Bank (UIB) announced the start of a subscription offering to investors of a leading LPG filling systems & equipment manufacturing company.

UIB is a Bahrain based investment bank with an authorized capital of US$ 2.5 billion and paid up capital of US$291 million. Established in the second half of 2006, UIB’s principal line of business is to provide Shari’a compliant private equity and asset based investments to its investors in the GCC.

The Bank has started inviting investors to invest in Kosan Crisplant, a European company, and the 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 2,400 plants in some 120 countries world-wide covering large international corporations, state-owned enterprises, national oil and gas companies and private businesses.

Commenting on the deal, Mr. Abdulla Janahi, General Manager & Acting Chief Executive Officer of UIB said: “Kosan Crisplant operates state of-the-art R&D, design and test facilities and delivers complete filling and reconditioning systems for LP gas cylinders, including turnkey engineering services and complete on-site service packages. The company has a global footprint, a well established and recognized brand name and highly sought products and services. We feel that with the company’s market leadership position and its tremendous long-term growth potential, this offering is in line with UIB’s strategy of providing investors with robust investment opportunities which provide attractive returns”

The expected time horizon for this investment is 3 years with a projected IRR in excess of 27%.

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