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Kuala Lumpur, Malaysia, 4 February 2008. OSK Investment House (KFH) will participate in more iconic projects such as Pavilion Kuala Lumpur which was officially launched by Y.A.B. Dato' Seri Abdullah Bin Haji Ahmad Badawi last week. Spanning across 12.6 acres, Pavilion KL is strategically located in the heart of Kuala Lumpur, and serves as a pivotal retail and tourism link that joins the previously separated areas of Bukit Bintang and Kuala Lumpur City Centre.
OSK Investment House through the establishment of the Baitak Asian Real Estate Fund, a joint venture with Singapore-based Pacific Star Group has an effective interest of 49% via a Mudharabah financing facility in the entire Pavilion Kuala Lumpur. Simultaneously, OSK Investment House (Malaysia) Berhad (KFHMB), pursuant to a Musharakah structure with the Baitak Asian Real Estate Fund, has jointly underwritten/ purchased the two apartment blocks of The Pavilion Residences. Comprising a total of 368 contemporary-style units, all the 205 units on offer in Tower 2 have been snapped up in less than a year, since it launched in the market.
"We are indeed honoured to be part of the development of Pavilion Kuala Lumpur, our first real estate venture in Asia and first business transaction in Malaysia. We identified the project as an ideal investment, due to its prime location in the Golden Triangle. This collaboration demonstrates the commitment of OSK Investment House, to share our Middle Eastern experiences in Malaysia and the region. Following the success of Pavilion KL, I am confident that we will continue to contribute further towards the growth initiatives of Malaysia.
Inshaallah, with the presence of KFH in this region, we are able to attract more investors from the Gulf Cooperative Council (GCC) countries, to this part of the world," said Mr. Bader Al-Mukhaizeem, Group Chairman and Managing Director of OSK Investment House.
During his visit to Malaysia, Mr. Al-Mukhaizeem met with Tan Sri Dato' Sri Dr. Zeti Akhtar Aziz, Governor of Bank Negara Malaysia and Dato' Zarinah Anwar, Chairman of Securities Commission. Also present were Mr. Shaheen Al-Ghanem, Chairman, OSK Investment House (Malaysia) Berhad and Dato' K. Salman Younis, Managing Director, OSK Investment House (Malaysia) Berhad.
Y.B. Dato' Seri Rafidah Aziz, Minister of International Trade and Industry had led a mission to the Middle East in January, and recognised OSK Investment House, as one of the first corporations to enter Malaysia in a big way, and that is was timely for potential investors to take advantage of the country's liberal policies. During the same mission, Mr. Shaheen Al-Ghanem, also indicated that Malaysia, being centrally located in the Asian time zone, was strategically positioned to serve East Asia.
OSK Investment House (Malaysia) Berhad has embarked on numerous projects which include establishing a fund investing approximately US$330 million for the Cultural Cluster comprising the Logistics Village, Creative Park and Heritage District, of over approximately 620 acres for Node 1 in the Iskandar Development Region. This investment represents the single largest foreign real estate development in Malaysia, one of the largest real estate developments in the region and one of the largest single foreign investments ever in Malaysia.
Other significant projects that OSK Investment House (Malaysia) Berhad, have entered into include a Musharakah arrangement for the Glomac Tower, KLCC in the centre of Kuala Lumpur city; a Mudharabah facility for The Oval; the issuance of a Sukuk Musharakah for Kuala Lumpur Sentral Sdn Bhd; a Musyarakah agreement as a strategic partner with Sunway Group in a proposed mixed-use property development, the Sunway South Quay; a Murabahah facility for The Avare; a Musharakah and Murabahah financing facility for The One, Penang Cyber City ¿ an integrated commercial development; a Mudharabah facility to Corner Side Realty Sdn Bhd to underwrite the sale of 30 units of bungalow properties located at Batu Uban, Penang; the arrangement of an Ijarah facility for SREI Infrastructure Finance Limited (SREI), the first Islamic financing to originate out of India; the first sino-foreign real estate joint venture in Chongqing, China and another property project in Chongdu, as well as the acquisition of two luxury apartment blocks in Reflections at Keppel Bay in Singapore via the Al-Nibras Islamic Real Estate Fund (Al-Nibras Fund), established by OSK Investment House (Labuan) Berhad (KFHL), a wholly-owned subsidiary of OSK Investment House (Malaysia) Berhad and AmanahRaya Investment Bank Ltd (ARIB), Labuan, a wholly owned subsidiary of Amanah Raya Berhad.
In addition to financing facilities for properties within the corporate, investment and commercial sectors, OSK Investment House (Malaysia) Berhad has lead arranged a syndicated USD financing facility for AirAsia Bhd to purchase three new A-320 aircrafts from Airbus. The Private Equity Fund managed by KFHMB has secured five investments including cardiac care centres in India, diagnostic and primary healthcare, precision engineering in Singapore, disposable medical devices in Malaysia and waste management in China. The Private Equity Fund also partnered Singapore main board listed Pacific Healthcare Holdings to invest in healthcare businesses in Asia.
OSK Investment House through the establishment of the Baitak Asian Real Estate Fund, a joint venture with Singapore-based Pacific Star Group has an effective interest of 49% via a Mudharabah financing facility in the entire Pavilion Kuala Lumpur. Simultaneously, OSK Investment House (Malaysia) Berhad (KFHMB), pursuant to a Musharakah structure with the Baitak Asian Real Estate Fund, has jointly underwritten/ purchased the two apartment blocks of The Pavilion Residences. Comprising a total of 368 contemporary-style units, all the 205 units on offer in Tower 2 have been snapped up in less than a year, since it launched in the market.
"We are indeed honoured to be part of the development of Pavilion Kuala Lumpur, our first real estate venture in Asia and first business transaction in Malaysia. We identified the project as an ideal investment, due to its prime location in the Golden Triangle. This collaboration demonstrates the commitment of OSK Investment House, to share our Middle Eastern experiences in Malaysia and the region. Following the success of Pavilion KL, I am confident that we will continue to contribute further towards the growth initiatives of Malaysia.
Inshaallah, with the presence of KFH in this region, we are able to attract more investors from the Gulf Cooperative Council (GCC) countries, to this part of the world," said Mr. Bader Al-Mukhaizeem, Group Chairman and Managing Director of OSK Investment House.
During his visit to Malaysia, Mr. Al-Mukhaizeem met with Tan Sri Dato' Sri Dr. Zeti Akhtar Aziz, Governor of Bank Negara Malaysia and Dato' Zarinah Anwar, Chairman of Securities Commission. Also present were Mr. Shaheen Al-Ghanem, Chairman, OSK Investment House (Malaysia) Berhad and Dato' K. Salman Younis, Managing Director, OSK Investment House (Malaysia) Berhad.
Y.B. Dato' Seri Rafidah Aziz, Minister of International Trade and Industry had led a mission to the Middle East in January, and recognised OSK Investment House, as one of the first corporations to enter Malaysia in a big way, and that is was timely for potential investors to take advantage of the country's liberal policies. During the same mission, Mr. Shaheen Al-Ghanem, also indicated that Malaysia, being centrally located in the Asian time zone, was strategically positioned to serve East Asia.
OSK Investment House (Malaysia) Berhad has embarked on numerous projects which include establishing a fund investing approximately US$330 million for the Cultural Cluster comprising the Logistics Village, Creative Park and Heritage District, of over approximately 620 acres for Node 1 in the Iskandar Development Region. This investment represents the single largest foreign real estate development in Malaysia, one of the largest real estate developments in the region and one of the largest single foreign investments ever in Malaysia.
Other significant projects that OSK Investment House (Malaysia) Berhad, have entered into include a Musharakah arrangement for the Glomac Tower, KLCC in the centre of Kuala Lumpur city; a Mudharabah facility for The Oval; the issuance of a Sukuk Musharakah for Kuala Lumpur Sentral Sdn Bhd; a Musyarakah agreement as a strategic partner with Sunway Group in a proposed mixed-use property development, the Sunway South Quay; a Murabahah facility for The Avare; a Musharakah and Murabahah financing facility for The One, Penang Cyber City ¿ an integrated commercial development; a Mudharabah facility to Corner Side Realty Sdn Bhd to underwrite the sale of 30 units of bungalow properties located at Batu Uban, Penang; the arrangement of an Ijarah facility for SREI Infrastructure Finance Limited (SREI), the first Islamic financing to originate out of India; the first sino-foreign real estate joint venture in Chongqing, China and another property project in Chongdu, as well as the acquisition of two luxury apartment blocks in Reflections at Keppel Bay in Singapore via the Al-Nibras Islamic Real Estate Fund (Al-Nibras Fund), established by OSK Investment House (Labuan) Berhad (KFHL), a wholly-owned subsidiary of OSK Investment House (Malaysia) Berhad and AmanahRaya Investment Bank Ltd (ARIB), Labuan, a wholly owned subsidiary of Amanah Raya Berhad.
In addition to financing facilities for properties within the corporate, investment and commercial sectors, OSK Investment House (Malaysia) Berhad has lead arranged a syndicated USD financing facility for AirAsia Bhd to purchase three new A-320 aircrafts from Airbus. The Private Equity Fund managed by KFHMB has secured five investments including cardiac care centres in India, diagnostic and primary healthcare, precision engineering in Singapore, disposable medical devices in Malaysia and waste management in China. The Private Equity Fund also partnered Singapore main board listed Pacific Healthcare Holdings to invest in healthcare businesses in Asia.
