Kuwait Finance House, Bahrain (KFH-Bahrain) Sunday announced the completion of two private equity investments through its US$100 million New Zealand Australia Private Equity Fund launched in October 2003, bringing the total number of companies purchased through the fund thus far to four companies.
The first of these investments was in New Zealand-based Woosh Wireless, a dynamic and fast-growing high-speed, wireless, Broadband Service Provider (BSP), which brings to customers a unique range of products and services that offer greater freedom of portability, faster connection times and more competitive pricing.
The second investment was in New Zealand-based NextWindow, a leading designer and developer of optical imaging technologies in the fields of gesture and touch recognition for the commercial retailer market. NextWindow has developed an entirely new touch and gesture screen technology -- compatible with nearly all of today’s displays be it plasma, LCD or even projectors -- that not only recognises where consumers place their finger on a screen, but also watches and interprets their hand movements.
Commenting on the announcement, Mr. Abdulhakeem Alkhayyat, General Manager of KFH-Bahrain said, “We are delighted to complete these investments through our New Zealand Australia Private Equity Fund. We are committed to identifying compelling opportunities on behalf of our investors on a global basis and this philosophy is no better demonstrated than through our investments in Woosh Wireless and NextWindow– two companies with a solid business model and significant scope for growth. These two companies are anticipated to enhance the future value of the fund.”
AlKhayyat concluded, “With these investments, we look forward to working with the management teams of Woosh Wireless and NextWindow as they move forward with plans to further develop their businesses and enhance shareholder value and continue to look for additional investment opportunities in New Zealand and Australia where we see safe and solid growth prospects for our Bank and shareholders.”
The New Zealand Australia Private Equity Fund, which targets investment opportunities in New Zealand and Australia, has been fully underwritten by KFH (Bahrain). Other investments undertaken through the Fund to date include the investment in New Zealand healthcare provider Radius Health Group, which was completed in February 2004, and Canterbury of New Zealand, a New Zealand, leading rugby apparel maker in November 2003. (menareport.com)
