The investment, which will be implemented over 12 months, is made pursuant to a financing facility that is convertible into newly issued ordinary shares in Rasmala, representing approximately 35%.
EIIB has also acquired 7.4% of Rasmala’s existing share capital from Rasmala’s chairman Ali al Shihabi.
EIIB CEO Zulfi Caar Hydari said that Rasmala has a strong regional franchise, and together with EIIB’s international capital markets and asset management experience this will be a powerful partnership to seize current opportunities in the GCC.
Rasmala operates in the Gulf Cooperation Council (GCC) countries and Egypt and specializes in asset management, investment banking, brokerage and research.
Rasmala expects to post a loss before interest, tax, depreciation, amortization and restructuring charges of approximately $7m for 2011.
