15th Dec 2006 09:53
Tejoori Limited15 December 2006 Tejoori Limited plc ("Tejoori") 15 December 2006 For immediate release Tejoori Limited signs Joint Venture with German inventor to develop vehicularsafety system, marking its first Socially Responsible Investment Tejoori Limited ("Tejoori" or the "Company") Tejoori Limited (TJI.L) the London (AIM) listed, Dubai headquartered investmentcompany today announced that it has signed a joint venture (JV) agreement withMartin Hage, a German inventor. This socially responsible investment marksTejoori's first venture capital deal. Tejoori will invest an initial capital ofDhs 7.1 million (US$1.93m) for an initial shareholding of 85% in the jointventure and will be entitled to nominate two thirds of the Board of the JV.Martin Hage will own the remaining 15%. The JV vehicle will conduct research and development into a new, high-tech,innovative safety system for motor vehicles, which is designed to improvevehicular safety standards significantly. Several relevant patents have beenfiled and will be assigned to the JV. Martin Hage graduated in mechanical engineering and business administration. Helives in the surrounding area of Stuttgart. Martin's professional experienceincludes serving as General Manager of medium and large sized internationalGerman companies dealing in the research and development of technologies. Healso serves as an adviser to several international groups dealing inmechatronics, which is the combination of mechanical engineering, electronicengineering and software engineering. The JV will aim to develop a functional prototype by July 2007 followed byserial production of the system by the beginning of 2009, at which time the JVexpects to begin generating revenues. Upon successful completion of theprototype it is currently anticipated that a plant worth in excess of Dhs 488million (US$133m) will be constructed, subject to the appropriate financingbeing secured. This financing could be achieved through an Islamic product suchas a Sukuk. The venture will target clients that include leading carmanufacturers and automotive industry suppliers. Tejoori is the first independent and international company dealing with Shari'acomplaint investments to be listed on AIM. Tejoori's investment policy iscentered around the principles of Shari'a compliant investing. Tejoori will alsoactively consider investments that are socially responsible. This uniqueinvestment approach is not limited by geography or sector but by the quality andpotential of the investment and its contribution to the society at large. Commenting on the investment Sheikh Fawaz Bashraheel, Chairman of TejooriLimited said, "We are delighted to sign this joint venture and invest in this excitingdevelopment. Tejoori is proud to be completing a Shari'a Compliant investmentthat is also Socially Responsible and we will certainly consider furtheropportunities to invest in ideas and projects which make this world a better andsafer place to live in." Steffen Schubert, Managing Director of Tejoori Limited added, "Road safety is of vital importance to vehicle drivers and passengers and acertain amount of innovation is required to address this issue. When thisinnovative safety system is implemented I am confident that it willsignificantly improve vehicle safety standards and will reduce the risk ofaccidental injuries." -Ends- Notes to Editors: About Tejoori Limited Tejoori is an independent international investment company. Headquartered in Dubai, Tejoori is listed on the Alternative Investment Market(AIM) of the London Stock Exchange. It is the world's first investment companydealing with Shari'a compliant investments to be admitted to AIM. Tejoori's investments will not be limited by a specific geographical region orsector. In other words, Tejoori will invest, within the guidelines of Shari'aprinciples, purely based on the quality of the investment potential. Despite this flexible approach towards potential investment opportunities,Tejoori will actively court established and emerging sectors such as Shari'afinance, healthcare, environmental technologies and intellectual property. For more information, visit www.tejoori.com For further information, please contact: Financial Dynamics Telephone: +971 4 332 8832 John HobdayMobile: +971 50 464 8706Email: [email protected] Manash BhuyanMobile: +971 50 841 9631Email: [email protected] Tejoori Limited Telephone: +971 4 329 2426Emad AbourahmeMobile: +971 50 559 7986Email: [email protected] Moosa Al TartirMobile: +971 50 454 5657Email: [email protected] This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Tejoori