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Sunday, 17 May 2009

SFS Group, KFHL plan syariah-compliant shipping fund

KUALA LUMPUR: SFS Group Public Co Ltd and Kuwait Finance House Labuan (KFHL) will jointly establish a syariah-compliant shipping fund with a target fund size of US$150mil by year-end.

SFS Group and KFHL, a wholly owned subsidiary of Kuwait Finance House (M) Bhd (KFHMB), signed a joint venture agreement to set up the fund via a limited partnership in the Cayman Islands.

The companies said in a joint statement on Tuesday that the fund would be “managed by an equally-owned company acting as the general partner based there.”

The shipping fund’s objective “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,” it said.

KFHMB deputy chief executive officer Ab Jabar Ab Rahman said: “This collaboration is in line with our commitment to share our experiences from the Middle East in industries such as shipping, aviation, healthcare and real estate.”

SFS Group is the leading non-banking financial institution in Cyprus involved in financial services, capital markets and alternative investments.

Listed on the main market of Cyprus Stock Exchange, It had total assets of 303 million euros as at end 2008.

(The Star MY)

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