Esterad withdraws bonds, cites market conditions

07/02/2010 00:00 AST

Bahrain-based Esterad Investment Company is withdrawing its BHD 7 million ($18.5 million) bond offering just four days ahead of its 10 February 2010 issue date. The

The company says the decision for retraction was in light of the prevailing conditions of the lending markets and liquidity regionally and globally.

Esterad is currently the only publicly quoted investment company in the Kingdom of Bahrain. The company's objective is to maximize shareholder value and maintain steady growth in earnings through diversification of investments across a variety of asset classes, both regionally and internationally. Its investment interests cover quoted equities, private equity, fixed income and real estate. All investments in Arab markets are managed in-house whilst most of the international investments are made through third party managed investment products.

Last month the company reported a net loss for 2009 of BHD 3,775,120 ($10.01 million) as compared to a net loss of BD 11,054,121 ($29.3 million) in the corresponding period the previous year.


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