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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
(Thousands of US dollars)
41. Trust capital
42. Acquisitions
and disposals
As at 31 December 2011 an amount of $20 million (2010: $125.0 million)
has been appropriated from other reserves to fiduciary reserve to cover potential
fiduciary risks which might arise in the Group’s capacity as fund manager.
Ithmaar Bank B.S.C.
On 31 March 2010 DMI acquired an additional 400 million shares of Ithmaar
Bank B.S.C. by participation in a rights issue at a price of $0.25 per share for
a total consideration of $100 million. As a result, DMI’s interest in the equity of
Ithmaar Bank B.S.C. increased from 44.9% to 52.6% converting it from an
associate to a subsidiary (note 14).
At the time of acquisition, Ithmaar Bank B.S.C. owned the following subsidiaries
which were included in the consolidated financial statements:
Subsidiary
% owned
Country of incorporation
Faysal Bank Limited
66
Pakistan
Faisal Private Bank (Switzerland) S.A.
100
Switzerland
Faisal Finance (Jersey) Limited
100
Jersey
Cantara (Switzerland) S.A.
100
Switzerland
DMI Administrative Services S.A
100
Switzerland
DMI (Jersey) Limited
100
Jersey
MFAI (Jersey) Limited
100
Jersey
Faisal Finance (Luxembourg) S.A.
100
Luxembourg
Faisal Finance (Netherlands Antilles) NV
100
Netherlands Antilles
Rayten Holdings Limited
100
Jersey
Ithmaar Development Company Limited
100
Cayman Islands
Shamil Finance (Luxembourg) S.A.
100
Luxembourg
City View Real Estate Development Co. B.S.C. (C)
51
Kingdom of Bahrain
Marina Reef Real Estate Development Co. B.S.C. (C)
51
Kingdom of Bahrain
Health Island B.S.C. (C)
50
Kingdom of Bahrain
Sakana Holistic Housing Solutions B.S.C. (C)
63
Kingdom of Bahrain
The details of the purchase consideration given, fair value of the net assets
acquired and goodwill arising on the acquisition are as follows:
Fair value of consideration
100,000
Fair value of previously held equity interest
587,125
Less
100% of identifiable net assets
(1,040,308)
Non-controlling interests
612,007
Goodwill recognised
258,824
78
Dar Al-Maal Al-Islami Trust
Annual Report 2011