5th Aug 2011 12:30
European Islamic Investment Bank plc
("EIIB")
Corporate Transaction
5 August 2011
Further to the announcement of 15 June 2011, EIIB is pleased to announce that JGC Energy Development (USA) Inc ("JGC") has successfully concluded its due diligence and the sale by TriTech I LLC ("TriTech") of its oil and gas assets in the Pearsall Field, Texas, USA to JGC has now completed. The consideration of USD 65 million is subject to post closing adjustments.
EIIB, through a subsidiary, owns approximately 78% of TriTech. The total net proceeds to be received by EIIB are still being determined and are subject to payment of fees, expenses and taxes (including US capital gains tax at 35%). The sale will generate a substantial profit for EIIB compared to the value of the assets as reflected in EIIB's 2010 year end accounts (USD 41 million). This will have a material positive impact on EIIB's financial performance in 2011.
EIIB Subhi Benkhadra, Chief Executive Officer Keith McLeod, Finance Director
| +44 20 7847 9900 |
Arbuthnot Securities Nick Tulloch, Rebecca Gordon
| +44 20 7012 2000 |
Fishburn Hedges Michelle James, Andrew Marshall
| +44 20 7839 4321 |
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