HSBC has announced that it acted as a Lead Financier for Mannai Corporation QSC on its successful bid to acquire the region’s leading jewellery chains, Damas International Ltd.
The bid was formally approved by Mannai shareholders at a recent extra-ordinary shareholders meeting. HSBC’s work on the acquisition strongly re-enforces the Bank’s position as the leading international bank and Commercial bank of choice for its customers – through actively seeking growth from cross border trade as companies increasingly seek to do business internationally.
Commenting on the successful bid, Abdul Hakeem Mostafawi, Chief Executive Officer, HSBC Bank Middle East, Qatar, said, “HSBC and Mannai Corporation QSC have had a longstanding relationship of over 50 years. This transaction is another example of our unique ability to serve key customers with international and cross border banking needs. Our international proposition is designed to meet the needs of our commercial customers in their growth aspirations and to deliver products well suited to their requirements.”
This is the third significant deal over the last 12 months in which HSBC has played a major role in supporting Mannai Corporation QSC transactions. In 2011 HSBC acted as Lead Manager for Mannai Corporation QSC on its successful QR399m Rights Issue. HSBC was also Buy-side Adviser and Lead Arranger for the financing of Mannai’s acquisition of 35% interest in Axiom Telecom.
Commenting on their relationship with HSBC, Alekh Grewal, Chief Executive Officer of Mannai Corporation QSC, said, “Mannai Corporation QSC has clear ambitions to grow and diversify business internationally. HSBC has been our loyal banking partner for years and is one of the few banks that offer us the unique cross-border banking services we require to reach our international business objectives. They are always top of mind for our banking requirements as we embark on our expansion journey.”
HSBC Commercial Banking lies at the heart of the business. As the Bank actively seeks to grow internationally, trade remains a key area of focus. HSBC continues to work closely with customers such as Mannai Corporation QSC, assisting and advising them on their cross border trading needs. Overall, the Group aims to double its trade business in the medium term. HSBC MENA targets are in line with this.
Fadi Fattal, Head of Commercial Banking, HSBC Bank Middle East Limited, Qatar, added, “We are honored to have been associated with Mannai Corporation for so many years – and particularly in recent years where HSBC provided Mannai the relentless support required to meet their expansion plans. It is always a pleasure to work with the Mannai top team and we look forward to growing our relationship even further in the years to come. HSBC has a strong track record, both Regionally and Globally, in supporting Commercial Banking clients with a wide variety of requirements such as M&A, ECM, DCM, and LAF. We believe that this is something that many of the large family groups who are keen to expand their business into new frontiers could benefit from.”
Mannai Corporation QSC is one of the largest trading companies operating in Qatar since 1951 and has since grown into a diversified corporation listed on Qatar Exchange. The key operating subsidiaries of Mannai Corporation QSC deal in Engineering services to the oil and gas sector, automotive and heavy equipment distribution and service, information and communication technology, office systems, medical equipment, home appliances and electronics, logistics and warehousing, geotechnical, geological, environmental and material testing services, facilities maintenance and management services, travel services, trading and representation. The corporation’s corporate strategy is selective regional expansion and diversification of income streams where profitable and sustainable opportunities are identified. Press Release