KUWAIT, 5 August 2007 — Islamic investment firm Investment Dar more than doubled second-quarter profit after selling a stake in another local investment firm as it eyes investment opportunities in Europe and Asia.
Kuwait’s second-largest holdings firm by market value said its investment in British luxury carmaker Aston Martin in the first quarter would be long-term and would require time to add value.
Profit in the quarter jumped 129 percent to 50.8 million dinars ($180 million), compared with 22.21 million dinars in the year-earlier period, according to Reuters calculations based on first-half profit of 91.5 million dinars reported by the firm.
Investment Dar had booked a profit of 48.7 million dinars in June from the sale of its majority stake in Al-Madar Finance and Investment Co. to Kuwaiti investment firm Stehwaz Holding Co.
The Al-Madar deal is part of plans to sell investments worth of 200 million dinars, Investment Dar said in a statement on the bourse website, without giving a time frame. Dar said it wanted to enhance its focus on banking activities after setting up lenders in Bahrain and Syria and buying into Kuwait’s Boubyan Bank, in which it owns 18.38 percent according to data on the bourse website.
Investment Dar has regulatory approval to buy up to 20 percent of the Islamic lender, which said last month it had set up an Islamic bank in London with other investors. “We are looking at promising investment opportunities in other countries such as south and east Asia and Europe through companies, partnerships and alliances,” Chairman Adnan Al-Musallam said in a statement.
Investment Dar bought 50 percent of Aston Martin in March as part of a group fronted by former Benetton boss David Richards, which acquired the luxury carmaker from Ford Motor for 479 million pounds ($975 million).
