ADDAX Bank's Capital Increase Heavily Oversubscribed

Date : 30 December 2007

Abu Dhabi’s Oasis Leasing acquires strategic stake. Addax Bank has announced the successful completion of its capital increase.

Addax’s recent capital increase was heavily oversubscribed, with Abu Dhabi- based Oasis Leasing set to acquire a 42. 5 per cent stake in the bank. Following the deal Oasis Leasing will become the bank’s largest shareholder and will fund Addax Bank’s regional expansion.

Speaking on the significance of the announcement Yousef Al-Essa, CEO, Addax Bank said, “We are very excited about the addition of Oasis to our group of shareholders. Oasis enjoys a great reputation in the region and their involvement with Addax will bring enormous value to our bank. “

Our recent capital increase has diversified our shareholder base; the bank’s investors now include leasing groups from across the GCC region including Abu Dhabi, Kuwait, KSA, Qatar and Oman.”

“Addax has established a reputation for bringing unique and innovative investment opportunities to our clients. This was recently recognized by our industry peers that voted Addax to be the “Best New Bank” during the Banker Middle East 2007 Industry Awards,” Al- Essa added.

Oasis Chairman HE Hussain Al Nowais said the strategic acquisition will support Oasis' plans to expand in the financial sector, ''I am confident that this acquisition will also strengthen Addax Bank's status and its competitiveness in the region and the international markets, bringing more benefits for the shareholders of both Oasis and Addax.''

''Oasis’ strategic share in Addax is an excellent opportunity to create new opportunities in the region brought about by the rapid growth of Gulf economies particularly that of Bahrain, Saudi, Qatar and Kuwait where the bank has a notable presence,'' Al Nowais added.

Addax won two Euromoney, Liquid Real Estate Awards for 2007, ‘Best Investment Bank in Bahrain’ and ‘Best Bank for Equity Services in Bahrain’.

Since its inception Addax Bank has played a key role in bringing high- profile deals to the Middle East region in sectors ranging from hospitality and education to media, financial services and real estate. The bank recently completed a US$ 50 million placement deal in the aviation sector to raise funds for the expansion of EOS Airlines, a premium flight airline serving the transatlantic market.