MANAMA, 7 April 2008 — Safa Holding Company, a Kuwait Stock Exchange-listed company, yesterday announced that it had acquired over 67 million shares in Al-Salam Bank, Bahrain.

In a statement issued by the Vice Chairman of Safa Holding Company, Khawla Badr Al-Roomi, informing the Bahrain Stock Exchange (BSE) said: “Safa Holding Company has acquired over 66.98 million of Al-Salam Bank being traded at BSE and Dubai Financial Market (DFM). The breakdown of shares acquired by Safa Holding is 56.985 million shares at the BSE and 10.01 million shares at the DFM.”

Al-Salam Bank had reported a net profit of BD23.1 million at end of 2007, an increase of 41 percent from BD16.4 million for the period ended December 31, 2006. Gross revenue for full-year 2007 was BD33.9 million. Earnings per share in 2007 were 19.3 fils compared to 15.1 fils in 2006. Total assets grew 112 percent to BD397.8 million as of 31 December 2007, compared to BD188 million in 2006. The bank had distributed 10 percent cash dividend of paid-up capital (10 fils per share).

Lauding the results of the bank the Chairman of the Board of Directors, Mohammed Al-Abbar, said: “Al-Salam Bank has proved its potential to surmount challenges through efficiency and competence, and over the last two years introduced several innovative and Shariah-compliant financial products. The bank’s growth was also powered through profitable investment transactions, which has elevated our position regionally as a leader in providing Islamic financial services. The profitable growth reiterates our commitment to enhancing shareholder value.” Al-Salam Bank was incorporated in 2006 in Bahrain, with a paid-up capital of BD 120 million. The bank’s Initial Public Offering (IPO) of 35 percent of the paid-up capital, which closed in March 2006, raised over BD 2.7 billion and was the largest IPO ever in Bahrain.

Also the bank announced the successful signing of a major deal with six global strategic partners to invest in a pioneering alternative-energy project in Hong Kong.

Yousif Taqi, SB-B chief executive officer, said that ASB Biodiesel (Hong Kong), the joint-venture company (JVC), will build and own a new plant which produces biodiesel using mainly waste products. The plant will be located in the Tseung Kwan O industrial area of Hong Kong.

The 100,000-metric-tonne per year facility will be the first of its kind in Asia, aiming to sell biodiesel, which effectively substitutes regular fossil diesel, both locally and to European markets, he clarified.