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Bayan Investment announces financial results for year 2008

Kuwait: Thursday, April 02 - 2009 @ 12:11

Central Bank of Kuwait has approved the Company’s financial statements, and the board of directors decided to submit a recommendation to the General Assembly to distribute 10% cash dividends of the share nominal value at 10 Fils per share for the shareholders registered in the company shareholders registry on the date that the General Assembly is held.

Mr. Faisal Al Mutawa, Chairman and Managing Director of the company – referred these results to the firm steps the company has gone through the last year to protect its investments and maintain its performance and take the necessary provisions in a try to avoid as much as possible the effects of the grinding economic crisis whilst taking caution and care in managing its local and international investments, in addition to the precise follow-up to the market activity taking into consideration the on going fall-off witnessed, and still witnessing, by the region starting from the beginning of the second half of 2008 and ending with the storming financial crisis blowing the world.

While Kuwait Stock Exchange has witnessed during 2008 severe fluctuations and several unprecedented incidents that have never seen in its history, where its indices reached record figures in the beginning of the year, soon vanished by the year end of it with the emergence of the global financial crisis that is unprecedented in size, depth and implications, and has in turn, adversely affected the region’s markets as well as the markets of the whole world, and has drifted the global economy towards a recession which may last for an unknown time.

Bayan Investment focused on entering prominent and major investments and markets, chief among which is investments in distinctive real estate projects and companies, as well as financial investments in Gulf and Arab countries.

In this respect, the Company could realize a firm expansion in GCC markets, and explored new opportunities, in different sectors, in North Africa and Europe which can be an added value to the Company’s current investments.

Within the framework of asset management, and in light of the Company’s absolute compliance with providing distinctive and varied investment opportunities; together with the Company’s diligent striving to meet the different needs and requirements of its clients and to diversify the investment opportunities available for them, as well as to benefit from the turnover of the local and GCC stock markets, the Company has focused on its investment policy which avoids speculation and whose risks are managed in a studied manner.

Moreover, the Company has adopted an integrated methodology to penetrate the different attractive investment channels in order to realize rewarding high revenues for its clients.

Mr. Al Mutawa added, despite the global financial crisis challenges and its increasing impact on the local and regional economy throughout the last year, he expressed his pride for achieving such results, which is considered a strong evidence on the company’s ability to utilize opportunities and to maintain its leadership and clients confidence, and its ability to resist the effects of international markets fluctuations, or any other unfavorable situations.

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Thursday, April 2- 2009 @ 12:11 UAE local time (GMT+4) Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of Mediaquest FZ LLC.

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