Investment Dar scraps plane leasing plans

zoom

(Getty Images)

Kuwait's Islamic firm Investment Dar said a client's proposal to set up an aircraft financing business did not lead to a deal.

Al-Rai newspaper said in June that Investment Dar was in advanced talks with aircraft manufacturer Airbus to set up a joint venture with a capital of 100 million dinars ($360.6 million) to finance aircraft purchases.

Chairman Adnan Al-Musallam told reporters in remarks embargoed until Saturday that the proposal was discussed but there were no talks with Airbus or Boeing.

"We held talks but didn't reach any deal... We always get approached by clients or non-clients on specific projects," he said. "Nothing is going on now."

Musallam also said the firm, which earlier this year bought half of British luxury car maker Aston Martin, was still studying a possible capital increase. "Investment Dar hasn't finished the study yet."

Investment Dar announced the possible new shares issue in September and Musallam said US investment bank Merrill Lynch "has offered to underwrite any capital hike".

Musallam added the firm did not decide yet whether it would list its shares in London. "Merrill Lynch and other institutions have offered us to list our shares but the board has taken no decision yet," he said.

Aston Martin would post a higher profit in 2007 than last year, adding that the firm would focus more strongly on its accessoires business which generated so far only 1 million euros in sales, much less than competitors, he said.

"Thank God, Aston Martin has been developing better than expected."

Investment Dar bought 50% of Aston Martin in March as part of a group fronted by former Benetton boss David Richards.

Print | Email | Discuss this article

| Share |

READERS' COMMENTS

Click here to post a comment

Add your Comment All posts are sent to the administrator for review and are published only after approval. ArabianBusiness.com reserves the right to remove any comment at any time for any reason. Please keep your responses appropriate and on topic. Arabian Business would like to point out that only comments relevant to the story will be published. Any containing personal insults or inappropriate language will not be approved.
Name *
Remember me on this computer
Email *	(Your email address will not be published)
City
Country
Subject *
Comment *
Notify me of further comments
Enter the words above *
Please click post only once - your comment will not be published immediately.

MORE FROM ARABIANBUSINESS.COM