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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
(Thousands of US dollars)
14. Investments in
associates
(continued)
58
Dar Al-Maal Al-Islami Trust
Annual Report 2011
The summarised financial information of the Group’s principal associates is as
follows:
Name and
Assets
Liabilities Income Profit/
Published Carrying
Country of
(loss)
price
value
---------% holding---------
incorporation
quotation per share Subsidiary Group
2011
Listed:
Faisal Islamic Bank
of Egypt (Egypt)
5,816,941 5,478,745 371,565 31,403 USD 3.61 USD 7.23
49
49
BBK B.S.C. (Bahrain)
7,334,361 6,703,011 280,637 84,507 BHD 0.41 BHD 0.70
25
13
2010
Listed:
Faisal Islamic Bank
of Egypt (Egypt)
5,453,843 5,081,403 325,721 59,905 USD 3.47 USD 7.81
49
49
BBK B.S.C. (Bahrain)
6,491,186 5,853,143 289,332 103,825 BHD 0.43 BHD 0.71
25
13
USD United States Dollar
BHD Bahrain Dinar
Ithmaar Bank has received in principle approval from the Central Bank of
Bahrain on 6 December 2010 for the proposed acquisition of the remaining
shares in First Leasing Bank B.S.C. (C) (FLB) through a share swap, subject to
compliance with various conditions. The Bank is currently in discussion with
FLB on the proposed share swap ratio.
Included in investment in associates at 31 December 2011 is $175.1 million
(2010: $175.1 million) of goodwill. The movement is as follows:
2011
2010
At 1 January
175,141
67,878
Conversion of an associate
to a subsidiary
-
(23,334)
Additions from conversion of an
associate to a subsidiary
-
148,597
Additions
-
-
Provision for impairment
-
(18,000)
At 31 December
175,141
175,141