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06/04/2016 07:41 AST
Bahrain-based Inovest Group has sold its ownership stake in Tala Property Development through a share purchase contract with Ossis.
Under the terms of the agreement, Inovest's 60 per cent stake holding in the project has been transferred to Ossis, for a transaction value of approximately $7.7 million.
With this, Ossis has secured complete ownership of Tala Island.
Inovest said the decision to exit the project comes after it achieved its objectives, having completed the development in 2007, selling 100pc of the residences, and managing its facilities and operations till date.
Tala Island is a $120m cosmopolitan community development, located at the heart of Amwaj Islands and covers an area of 110,000 sqm.
It was developed by Inovest's real estate and development arm, Tameer in collaboration with Ossis in 2005 and was completed in 2007. The project comprises 85 beach front villas and 590 apartments built in a Spanish-Mediterranean style.
The development hosts private swimming pools, a health club and sports centre, tennis courts, restaurants and a bustling retail area.
The divestment proceeds have been anticipated in the group's first quarter 2016 financial results and are part of the strategy towards the sale and exit of legacy investments.
Gulf Daily News
12/08/2016
The Inovest Group announced today its financial results for the first half of 2016, with a clear continuation of its marked improvement in performance, by recording a net profit of $5.4 million in co
CPI Financial
12/05/2016
Inovest, a Bahrain-based Sharia-compliant investment firm, yesterday announced it has swung to a net profit of $3.2 million for the first quarter this year from a loss of $900,000 for the same perio
Gulf Daily News
16/02/2016
Inovest, a Bahrain-based Sharia-compliant investment firm, has registered a consolidated net loss of $53.7 million last year in comparison with $3.8m in 2014.
In an announcement yesterday
Gulf Daily News
| Ticker | Price | Volume |
|---|
| Ticker | Price | Change |
|---|---|---|
| IHC | 399.50 | 0.00 (0.00 |
| FAB | 16.50 | 0.10 (0.60 |
| EMIRATESNBD | 26.15 | 0.90 (3.56 |
| INVESTB | 0.45 | 0.00 (0.00 |
| ADCB | 14.84 | 0.10 (0.67 |
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Khaleej Times
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Trade Arabia
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Trade Arabia
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Burjeel Holdings, a leading super-specialty healthcare services provider in MENA, has announced that its Board of Directors has approved the appointment of Dr Shamsheer Vayalil as Chief Executive Off
Trade Arabia
22/12/2025
Aluminium Bahrain (Alba), the world's largest aluminium smelter on one site, has swiftly contained an industrial fire that broke out at a power rectiformer in the morning of December 19, a company st
Trade Arabia
Financial Information Co.
Saudi Arabia