Tejoori Limited (TJI.L) the London (AIM) listed, Dubai headquartered, investment company today announced that it has signed a joint venture (JV) agreement with Martin Häge, a German inventor. This socially responsible investment, marks Tejoori’s first venture capital deal. Tejoori will invest an initial capital of Dhs 7.1 million (US$1.93m) for an initial shareholding of 85% in the joint venture and will be entitled to nominate two thirds of the Board of the JV. Martin Häge will own the remaining 15%.
The JV vehicle will conduct research and development into a new, high-tech, innovative safety system for motor vehicles, which is designed to improve vehicular safety standards significantly. Several relevant patents have been filed and will be assigned to the JV.
Martin Häge graduated in mechanical engineering and business administration. He lives in the surrounding area of Stuttgart. Martin’s professional experience includes serving as General Manager of medium and large sized international German companies dealing in the research and development of technologies. He also serves as an adviser to several international groups dealing in mechatronics, which is the combination of mechanical engineering, electronic engineering and software engineering.
The JV will aim to develop a functional prototype by July 2007 followed by serial production of the system by the beginning of 2009, at which time the JV expects to begin generating revenues. Upon successful completion of the prototype it is currently anticipated that a plant worth in excess of Dhs 488 million (US$133m) will be constructed, subject to the appropriate financing being secured. This financing could be achieved through an Islamic product such as a Sukuk. The venture will target clients that include leading car manufacturers and automotive industry suppliers.
Tejoori is the first independent and international company dealing with Shari’a complaint investments to be listed on AIM. Tejoori’s investment policy is centered around the principles of Shari’a compliant investing. Tejoori will also actively consider investments that are socially responsible. This unique investment approach is not limited by geography or sector but by the quality and potential of the investment and its contribution to the society at large.
Commenting on the investment Sheikh Fawaz Bashraheel, Chairman of Tejoori Limited said,
“We are delighted to sign this joint venture and invest in this exciting development. Tejoori is proud to be completing a Shari’a Compliant investment that is also Socially Responsible and we will certainly consider further opportunities to invest in ideas and projects which make this world a better and safer place to live in.”
Steffen Schubert, Managing Director of Tejoori Limited added,
“Road safety is of vital importance to vehicle drivers and passengers and a certain amount of innovation is required to address this issue. When this innovative safety system is implemented I am confident that it will significantly improve vehicle safety standards and will reduce the risk of accidental injuries.”
