BAHRAIN: Bahrain’s FIIB to buy 33 pct of U.S. aviation firm.
Reuters English News Service
© Reuters Limited 2001.
MANAMA, June 11 (Reuters) - Bahrain-based First Islamic Investment Bank (FIIB) has agreed to buy a 33 percent stake in U.S. aircraft maker Cirrus Industries for $133 million.
“It is expected that the acquisition will be completed by the beginning of July 2001,” FIIB said in a statement received on Monday.
The statement said Cirrus is the world’s third-largest manufacturer of single-engine, piston-powered aircraft.
“Cirrus has accumulated a backlog of approximately 620 aircraft, representing 18 to 24 months of production,” FIIB’s Chief Executive Officer Atif Abdulmalik said in the statement.
FIIB said on Sunday it had mandated Abu Dhabi Islamic Bank to arrange a $100 million revolving Islamic facility.
The three-year murabaha will involve the purchase and sale of investments or other assets arranged by the FIIB.
The bank said it had undertaken direct investment transactions in excess of $600 million in the United States and real estate transactions totalling $709 million.
FIIB was established in 1997 with a paid-in capital of $112.5 million. It is held by 80 individuals and institutions in Gulf Arab states and Malaysia.