VOL. XLIII
No. 06
7-February-2000
ISLAMIC BANKING
First Islamic Acquires 84% Of BR Lee Industries
Bahrain-based First Islamic Investment Bank announced on 1 February that it had acquired an 84% stake in the US firm BR Lee Industries, a lead manufacturer of commercial paving equipment in North America. According to a statement issued by the bank, the acquisition was completed on 25 January and was worth $79.1mn. Lee Industries net profits have increased at a compound annual rate of 40% during the...
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