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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 | 401.50 | -0.10 (-0.03 |
| FAB | 14.34 | -0.12 (-0.83 |
| EMIRATESNBD | 20.80 | 0.05 (0.24 |
| ADCB | 10.72 | -0.86 (-7.43 |
| ADIB | 17.76 | -0.18 (-1.01 |
10/03/2025
Doha Bank introduced a suite of exclusive offers for NRIs on their Visa Platinum Debit Card, delivering exceptional value across travel, lifestyle, dining, and retail. These carefully curated benefit
The Peninsula
10/03/2025
Saudi Awwal Bank has been awarded the Sustainability Program of the Year 2024 at the Capital Markets Forum (CMF), organized by the Saudi Stock Exchange Group (Tadawul).
This achievement make
Saudi Gazette
10/03/2025
Saudi Aramco has lowered its crude oil prices for Asian buyers in April, marking the first reduction in three months. This price cut aligns with market expectations and follows the decision by OPEC+
Arab News
09/03/2025
United Development Company (UDC), the master developer of The Pearl and Gewan Islands, has continued its global track record of accomplishments by securing three new Guinness World Records. This rema
The Peninsula
07/03/2025
Talabat Kuwait has denied rumors of a security breach, assuring customers and partners that all personal and payment information remains fully secure.
In an official statement, Bader Al-Ghan
Trade Arabia
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