Qannas publishes accounts for 2015

Qannas has published account for the year ended 31 December 2015 – somewhat ancient history now. Briefly QIL has further committed to five deals: AED 2.9 million ($0.8 million) for the purchase of residential units in a building in Dubai Marina; GBP3.5m ($5 million) in a preferred equity investment in BL Development Limited, the company behind a mixed use development in Central London; $18.7m in Integrated Financial Group, a UAE-based holding company incorporated for acquiring and consolidating two financial services companies; $4.1m into EE F&B, an entity developing the Hard Rock Café in The Capital Plaza (“TCP”), Podgorica; and AED 4 million ($1.09 million) in a secured Murabaha debt investment in Verne Preferred Limited, the owner of a luxury hotel in Dubai.

In the year 2015, QIL saw losses of $1.3m, attributable partly to foreign exchange losses, and partly due to the absence of any disposals of investments, itself a matter of timing. However, at the year end, QIL had a net asset value of $1.00 per share, and total cash of $7.3 million.

QIL : Qannas publishes accounts for 2015

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