 Important meetings of the Kuwait Finance House representatives in Cyprus - 07/05/2009 10:02:53 |
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Establishment of Shipping Fund of $150 million by SFS and KFH
The representatives of SFS Group Public Company Ltd and Kuwait Finance House Labuan met with the President of the House of Representatives and the Minister of Finance of the Republic of Cyprus on the occasion of the signing of the agreement for the establishment of a Shipping Fund.
The objective of the Shipping Fund will be to invest directly in shipping assets and primarily in vessels to be chartered out on a long-term basis to top league charterers.
During their stay in Cyprus, the representatives of Kuwait Finance House, accompanied by the representatives of SFS, had meetings with the President of the House of Representatives, Mr. Marios Garoyan, the Minister of Finance, Mr. Charilaos Stavrakis and the Permanent Secretary of Ministry of Communications and Works, Mr. Michael Constantinides.
The objectives of the Shipping Fund were discussed during these meetings, as well as their positive impact not only on the shipping industry but also on the Cypriot economy especially in the current financial crisis environment.
The Fund, which size will be approximately USD150 million, will invest primarily in The Fund will invest primarily in high quality and modern vessels with a preference for offshore ships such as Offshore Supply Vessels (OSV) and Platform Supply Vessels (PSV) amongst others.
“We are honored to form a partnership with SFS Group for the establishment of this landmark Shipping Fund. This collaboration is in line with our commitment to share our experiences from the Middle East, in various industries, including shipping, aviation, healthcare and real estate amongst others,” said Ab Jabar Ab Rahman, Deputy Chief Executive Officer of Kuwait Finance House (Malaysia) Berhad.
As Mr.Christodoulos Ellinas, Chairman of the SFS Group, pointed out: “We are certain that this key agreement with Kuwait Finance House will create new strategic prospects for both sides and their investors. It is a privilege to be associated with Kuwait Finance House and we are looking forward to sharing knowledge and expertise which would ultimately benefit everyone involved in the venture.”
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