Waha Capital PJSC's Annual General Assembly of shareholders today approved the annual financial results for 2007 and a Board proposal to pay dividends of 5 per cent in cash and 5 per cent in company shares. The AGM in Abu Dhabi was attended by Chairman HE Hussein Jassim Al Nowais and other Board members.
In January, Waha Capital (then Oasis International Leasing) reported net after-tax annual profit of AED 171 million for 2007, an increase of 78 per cent over AED 96 million net profit earned in 2006, and the highest net profit since the company's inception in 1997.
The Company reported AED 465 million in revenues, an increase of 51 per cent over 2006 revenues of AED 307 million. Operating profits also increased, reaching AED 132 million, compared to AED 67 million in the previous year. Assets increased to AED 4.35 billion, posting 27 percent growth during the year from AED 3.437 billion at the end of 2006.
"2007 was an extraordinary year for Oasis International Leasing. It will be remembered by all of Oasis' stakeholders - particularly our shareholders - as a historic milestone in the reinvention of the company. This is mainly because during 2007, even as the company continued to grow its profitable leasing operations, it simultaneously began charting a new path based on a new vision to achieve business growth, diversification and more shareholder value," Al Nowais said.
The company was restructured as Waha Capital, which was launched in Abu Dhabi on February 18 2008, with four new subsidiaries including Waha Leasing.
Al Nowais noted that Oasis Leasing had taken five major new initiatives during the past year in line with its new vision to achieve a more diversified and growth oriented company.
In December 2007, Oasis finalised an agreement with Bahrain-based merchant bank, Addax, acquiring a 42.5 percent stake through an increase of the bank's capital. This investment will power the financial services initiatives that Oasis wants to put in place.
In November, Oasis signed a joint venture agreement with Blenheim Capital, a joint venture between Summit Overseas Development Ltd and Barclays Capital, to establish Waha Financial Services (WFS). WFS will have an initial capital of US$13.6 million (AED 50 million), with Oasis investing 60 percent and Blenheim investing 40 percent. WFS will specialize in structured finance and risk management solutions. WFS will also enter into local arrangements with entities within the United Arab Emirates and the Middle East and North Africa (MENA) region for which offset and/or countertrade funding is to be sourced or arranged. It will initially focus on meeting the market demand for these specialised services in the UAE and MENA.
In the fourth quarter of 2007, Oasis, with its partners, announced the closure of the first Middle East and North Africa Infrastructure Investment Fund, which has seen $300 million subscription. Oasis is one of the main partners of the Fund in cooperation with Dubai International Capital, the international investment arm of Dubai Holding, and HSBC.
Al Nowais also announced the establishment of Waha Land as a new subsidiary of Oasis Leasing, which will specialize in property development in Abu Dhabi in partnership with other real estate developers. The company will start operations once it receives the necessary regulatory approvals.
"However, a dedicated team representing Waha Land has already initiated contacts with leading local and international consultants and real estate companies to explore business development possibilities. The Abu Dhabi Government has allocated a 6 square kilometre block of land for Oasis to start the new business. The land is located in Al Maqtara on Tareef-Abu Dhabi road. Projects developed in this area will cater to industrial cities, logistics and commercial services," Al Nowais said.
In December, Oasis Leasing signed an agreement with eight banks to obtain a fully unsecured US$500 million corporate revolving facility with a three-year tenor to finance the company?s growth and diversification plans. "I am extremely pleased to report that renowned and leading local, regional and international banks have endorsed our vision for growth and diversification by providing us with this facility," Al Nowais said.
Referring to Waha Capital's formation and launch, Al Nowais said: "I am confident that with your support and the commitment of our staff, we will continue on this journey of implementing our new vision with renewed vigour and confidence.
Al Nowais introduced Samer Alhaj, the CEO of Waha Capital who joined the company in December 2007.
During the meeting, Waha Capital's Board members and the auditors were cleared from any legal responsibilities for 2007. The AGM also approved the appointment of two new Board members and the reappointment of the auditors for 2008. (WAM)
In January, Waha Capital (then Oasis International Leasing) reported net after-tax annual profit of AED 171 million for 2007, an increase of 78 per cent over AED 96 million net profit earned in 2006, and the highest net profit since the company's inception in 1997.
The Company reported AED 465 million in revenues, an increase of 51 per cent over 2006 revenues of AED 307 million. Operating profits also increased, reaching AED 132 million, compared to AED 67 million in the previous year. Assets increased to AED 4.35 billion, posting 27 percent growth during the year from AED 3.437 billion at the end of 2006.
"2007 was an extraordinary year for Oasis International Leasing. It will be remembered by all of Oasis' stakeholders - particularly our shareholders - as a historic milestone in the reinvention of the company. This is mainly because during 2007, even as the company continued to grow its profitable leasing operations, it simultaneously began charting a new path based on a new vision to achieve business growth, diversification and more shareholder value," Al Nowais said.
The company was restructured as Waha Capital, which was launched in Abu Dhabi on February 18 2008, with four new subsidiaries including Waha Leasing.
Al Nowais noted that Oasis Leasing had taken five major new initiatives during the past year in line with its new vision to achieve a more diversified and growth oriented company.
In December 2007, Oasis finalised an agreement with Bahrain-based merchant bank, Addax, acquiring a 42.5 percent stake through an increase of the bank's capital. This investment will power the financial services initiatives that Oasis wants to put in place.
In November, Oasis signed a joint venture agreement with Blenheim Capital, a joint venture between Summit Overseas Development Ltd and Barclays Capital, to establish Waha Financial Services (WFS). WFS will have an initial capital of US$13.6 million (AED 50 million), with Oasis investing 60 percent and Blenheim investing 40 percent. WFS will specialize in structured finance and risk management solutions. WFS will also enter into local arrangements with entities within the United Arab Emirates and the Middle East and North Africa (MENA) region for which offset and/or countertrade funding is to be sourced or arranged. It will initially focus on meeting the market demand for these specialised services in the UAE and MENA.
In the fourth quarter of 2007, Oasis, with its partners, announced the closure of the first Middle East and North Africa Infrastructure Investment Fund, which has seen $300 million subscription. Oasis is one of the main partners of the Fund in cooperation with Dubai International Capital, the international investment arm of Dubai Holding, and HSBC.
Al Nowais also announced the establishment of Waha Land as a new subsidiary of Oasis Leasing, which will specialize in property development in Abu Dhabi in partnership with other real estate developers. The company will start operations once it receives the necessary regulatory approvals.
"However, a dedicated team representing Waha Land has already initiated contacts with leading local and international consultants and real estate companies to explore business development possibilities. The Abu Dhabi Government has allocated a 6 square kilometre block of land for Oasis to start the new business. The land is located in Al Maqtara on Tareef-Abu Dhabi road. Projects developed in this area will cater to industrial cities, logistics and commercial services," Al Nowais said.
In December, Oasis Leasing signed an agreement with eight banks to obtain a fully unsecured US$500 million corporate revolving facility with a three-year tenor to finance the company?s growth and diversification plans. "I am extremely pleased to report that renowned and leading local, regional and international banks have endorsed our vision for growth and diversification by providing us with this facility," Al Nowais said.
Referring to Waha Capital's formation and launch, Al Nowais said: "I am confident that with your support and the commitment of our staff, we will continue on this journey of implementing our new vision with renewed vigour and confidence.
Al Nowais introduced Samer Alhaj, the CEO of Waha Capital who joined the company in December 2007.
During the meeting, Waha Capital's Board members and the auditors were cleared from any legal responsibilities for 2007. The AGM also approved the appointment of two new Board members and the reappointment of the auditors for 2008. (WAM)
No comments:
Post a Comment