Bahrain bank invests in French kitchens

20th October 2004, Comments 0 comments

MANAMA, Oct 19 (AFP) - Bahrain-based First Islamic Investment Bank said on Tuesday it has acquired a "substantial interest" in Vogica, a leading retailer and wholesaler of kitchens and bathrooms in France.

MANAMA, Oct 19 (AFP) - Bahrain-based First Islamic Investment Bank said on Tuesday it has acquired a "substantial interest" in Vogica, a leading retailer and wholesaler of kitchens and bathrooms in France.

"Bank of Ireland, in its first sole lead-arranged transaction in France, provided the entire financing package, which consisted of acquisition and working capital facilities," a bank statement said.

The bank did not disclose the value of the deal but said it intended to sell down approximately EUR 45 million (USD 56.3 million) of the transaction to shareholders.

"The Vogica transaction completes the establishment of First Islamic's presence in Europe, following two years of significant investment in the development of our franchise there," said chief executive officer Atif Abdulmalik.

"All three of our business lines - real estate, asset-based and corporate investment - are now generating diverse investment opportunities in the European market for our investors.

"We have now completed transactions worth in excess of USD 2 billion in the European market," he said.

© AFP

Subject: French News

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