13 Feb 2012
(MENAFN) Bahrain’s Investcorp said that in the June-December period, profit plunged to USD5.3 million, from USD56.2 million in 2010’s same period, reported The National.
The alternative investment manager added that the decline was driven by negative returns from hedge funds as a result of the turbulence caused by the euro-zone crisis.
It also said that since 2008, it closed four private equity deals in Turkey, Saudi, the UAE and Kuwait.
The firm, which has USD11.6 billion in assets under management, said that it sold its stake in Redington International Holdings, in which the Bahraini company invested USD65 million for a 26 percent stake, to its parents company.
It is worth noting that the sale will gross proceeds of USD114.8 million, representing a gross USD49.8 gain, and net internal rate of return of 17 percent.
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