Corecap Limited has increased its paid-in capital through a private placement to a profound list of regional blue chip institutional and high net worth investors.

The firm has also appointed a new board of directors to represent its new shareholder base, said an official spokesman.

Corecap’s board of directors is now co-chaired by CEO of the Saudi based Al Nahla Group Shaikh Mohammed Wajih bin Hassan Sharbatly and chairman of Alkan Group Mohamed Nosseir.

Al Nahla Group is one of the largest regional investment conglomerates and Alkan Group is one of Egypt’s leading business corporations.

New shareholders are also represented by COO of Al Nahla Group Shaikh Sultan bin Khaled AlTurki; investment manager of Al Nahla Group Fahd Al-Tarzi; chairman of the UAE-based Al Thani Investment, one of the region’s premier investment groups, Abdullah bin Saeed Al Thani; founder and CEO of i2, the largest mobile phone provider in the region and Africa, also ranked amongst the top 35 largest companies in the Kingdom of Saudi Arabia, Abdul Hameed Al Sunaid; vice-chairman of Saraya Ventures, the investment arm of Saraya Holdings, one of the leading regional real estate development and asset management companies, Ghassan Youssef; and a renowned entrepreneur, founder and CEO of the Jordanian-based Medicare among other business institutions Fawaz Shalan.

The partners of the firm are represented on the board by CEO and board member Khaled Hassan Rashed, managing director Omar Adel El Maghawry and chief financial officer of Corecap Hatem Saad Hendawi.

“We are proud to partner with such an elite list of investors. This partnership supports Corecap’s planned regional expansion and solidifies its vision to be the leading merchant bank in the Middle East. Our diversified shareholder base and board of directors provide an unparalleled wealth of experience, an impeccable private equity track record in an immense variety of industries and countries and a deep institutional funding capacity,” said Rashed.

Corecap Limited is an investment firm focused on the Middle East and Asia. Corecap Merchant Bank, the firm’s financial arm regulated by the Qatar Financial Centre Regulatory Authority, provides investment banking and alternative asset management services with primary expertise in private equity.

Corecap FZ LLC is the firm’s advisory arm providing post-acquisition management consultancy services out of Dubai. – TradeArabia News Service