KFH Bahrain
KFH Germany
KFH Kuwait
KFH Turkey
Contact Us
Branch & ATMS Locator
Dubai, UAE, 17 December 2009 – KFH Asset Management Sdn Bhd (KFHAM), OSK Investment House (Malaysia) Berhad (KFHMB) and SFS Group Public Company Limited (SFS) are pleased to announce the execution of the Limited Partnership Agreement between SFS, KFHMB and Global Shipping Investments Management Ltd, for the establishment of the Global Shariah Shipping Fund L.P. (the Fund). Global Shipping Investments Management Ltd, a Cayman based, equally owned company by SFS and KFHAM, will be appointed as the General Partner to the Fund.
“The Fund will invest directly in shipping assets. All vessels will be chartered out on a long-term basis to top league charterers. It will particularly target high quality and modern vessels with a preference for offshore ships such as Offshore Supply Vessels (OSV) and Platform Supply Vessels (PSV)” said KFHAM Chairman and Acting Chairman of Global Shipping Investments Management Ltd, Khairil Anuar Abdullah. “All vessels in the portfolio will comply with world-class standard for safety and environmental friendliness.”
“The KFH Group brings to the table its expertise in Shariah, which provides a seal of good housekeeping to the ethical nature of the Fund’s activities. KFH also has access to its considerable distribution network in the GCC countries, as well as in the Far East where it is beginning to attract a strong participation from institutional and high net-worth investors. This is a proven model which will provide attractive long-term returns to our investors”, he added.
All investments will require the prior approval of the Fund’s Shariah Committee.
The target fund size is USD 150 million, and it will be supplanted by Shariah compliant financing. The term of the fund will be seven years from first closing with up to three additional one-year extensions to allow for orderly liquidation of the Fund’s assets.
“After seven months of substantial deployment of resources from both our organisations, we are delighted that today we have executed the Limited Partnership Agreement for the establishment of the Global Shariah Shipping Fund LP” said SFS Group Vice-Chairman & CFO Philip Larkos. “This initial joint effort has highlighted the good chemistry that exists and how each side’s strengths and expertise compliments each other’s capabilities to produce a truly unique Shariah shipping fund management team within the General Partner. We believe that our timing of launch and opening of the investment period in 2010 will be good due to the mismatch between market price and the fair value of vessels at the time of acquisition. We are already witnessing a continuous good deal flow in what has been a buyer’s market with attractive cash on cash returns. Following the launch in January 2010, we look forward to the global promotion of the Fund and the one to one meetings with prospective investors.”
“The Fund will invest directly in shipping assets. All vessels will be chartered out on a long-term basis to top league charterers. It will particularly target high quality and modern vessels with a preference for offshore ships such as Offshore Supply Vessels (OSV) and Platform Supply Vessels (PSV)” said KFHAM Chairman and Acting Chairman of Global Shipping Investments Management Ltd, Khairil Anuar Abdullah. “All vessels in the portfolio will comply with world-class standard for safety and environmental friendliness.”
“The KFH Group brings to the table its expertise in Shariah, which provides a seal of good housekeeping to the ethical nature of the Fund’s activities. KFH also has access to its considerable distribution network in the GCC countries, as well as in the Far East where it is beginning to attract a strong participation from institutional and high net-worth investors. This is a proven model which will provide attractive long-term returns to our investors”, he added.
All investments will require the prior approval of the Fund’s Shariah Committee.
The target fund size is USD 150 million, and it will be supplanted by Shariah compliant financing. The term of the fund will be seven years from first closing with up to three additional one-year extensions to allow for orderly liquidation of the Fund’s assets.
“After seven months of substantial deployment of resources from both our organisations, we are delighted that today we have executed the Limited Partnership Agreement for the establishment of the Global Shariah Shipping Fund LP” said SFS Group Vice-Chairman & CFO Philip Larkos. “This initial joint effort has highlighted the good chemistry that exists and how each side’s strengths and expertise compliments each other’s capabilities to produce a truly unique Shariah shipping fund management team within the General Partner. We believe that our timing of launch and opening of the investment period in 2010 will be good due to the mismatch between market price and the fair value of vessels at the time of acquisition. We are already witnessing a continuous good deal flow in what has been a buyer’s market with attractive cash on cash returns. Following the launch in January 2010, we look forward to the global promotion of the Fund and the one to one meetings with prospective investors.”
