Following stake sales to the Bahraini Holding CIH S.A.L and the board member Sarkis Demerjian, EuroMena III Fund was approved to acquire a share of around 3% of Credit Libanais. The purchased value amounted to $20M, leading to a purchase price-to-book (P/B) value of 1.07. However, taking into consideration the revalued real estate owned by the bank, the P/B would drop to a ratio lower than 1.
Worth noting that several international entities have parts in EuroMena III, such as the European Investment Bank, the International Finance Corporation, the German Investment and Development Corporation, the French Proparco, and CDC-UK, for a combined amount of $75M.
EuroMena is expected to announce shortly the date when EuroMena III will become a closed-end fund.
Credit Libanais Key Financial Highlights
| Sep-15 | Dec-14 | %change | |
| Total Assets | 9,750.53 | 9,162.41 | 6.42% |
| Customers’ Deposits | 7,986.29 | 7,454.07 | 7.14% |
| Total Equity | 819.00 | 794.04 | 3.14% |
| Net Profit | 53.75 | 45.15* | 19.05% |
*Value of Sep-14
Source: Company Website