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Geojit Financial to form JV in Dubai, India
Posted On : 2007-07-12 03:20:40( TIMEZONE : IST )
Geojit Financial Services Ltd has announced that the Board of Directors of the Company at its meeting held on July 12, 2007, has approved the following proposals:
a. To form a 50:50 joint Venture Company in India to serve Foreign Institutional clients, with BNP Paribas Securities Asia, subject to regulatory approvals. The Board approved an investment of up to USD 2 Million in this project.
b. Further to the decision of the Board on March 07, 2006, (i) to set up a Joint Venture Broking Company in Saudi Arabia and (ii) to take membership in Dubai Financial Market (DFM), it was decided:
i. To invest SR 28 Million (Appx Rs 30.05 Crore) in Aloula Geojit Brokerage Company in Saudi Arabia for taking up 28% of the proposed paid up share capital of SR 100 million. The Company will be the single largest shareholder of this Company, which has received the License from Capital Market Authority (CMA) of Saudi Arabia to start domestic brokerage business.
ii. To form a Joint Venture Company in Dubai to deal in UAE listed share in DFM (Dubai Financial market), IPOs and distribution of home grown funds in UAE, subject to regulatory approvals, and to make an initial investment of AED 14.70 million (Appx. Rs 161 million) for taking up 49% of the proposed paid up share capital of AED 30 million.
