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Tue 29 Sep 2009 12:45 AM

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GCC investors buy into UK’s Plus Markets Group

Special purpose vehicle takes 17.23% stake in London-based exchange operator.

London-based Plus Markets Group confirmed on Monday that GCC investors, through special-purpose vehicle, Amara Dhari Investment Ltd, had agreed to take a 17.23 percent stake in the UK exchange operator.The deal worth £5 million ($7.9 million) was sealed at 7.5p per share, an 11.8 percent discount to Monday's share price close, Plus Group said in a statement.

The statement added that Amara Dhari had also secured a warrant to subscribe for a further 58 million shares at 5p each "upon the attainment of certain revenue performance targets".

Meanwhlie, Ahmed Al Asfour and Hisham S. Al Otaibi have been appointed non-executive directors of PLUS Markets Group.

Ahmed Al Asfour spent his early career working for oil companies. From 1992 to 1996 he worked for the Ministry of Oil for the State of Kuwait and presently serves as Chairman and CEO of Ritaj Insurance Company as well as holding a number of other board appointments.

His Excellency Hisham S. Al Otaibi is the former Minister of Commerce and Industry for the State of Kuwait, and has been a member of the Kuwait Supreme Petroleum Council since 1999.

He currently serves as a director of the Kuwait Stock Exchange, having formerly been its President and is Chairman of Contracting & Marine Services Co.

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