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...