This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration. Need a new registration confirmation email? Click here
November 17, 2013 /PRNewswire/ --
Keith Bayley Rogers & Co. Limited (KBR), a long-established member of the London Stock Exchange, provides bespoke services for public companies, including corporate advice, corporate broker-ships, capital raising and research. KBR today released its report on ISDX-quoted Makkah & Madinah Holdings Limited (MMH).
MMH is a Sharia'ah compliant, Gulf-based property company with net assets recently valued at
US$459 million (£287 million). Many of the assets in which MMH is interested through its company associate, MMCI, are in the two holy cities of
Madinah in the
Kingdom of Saudi Arabia ("KSA").
KBR's report is based on analysis of MMH and the value of the portfolio of MMCI in KSA. It is underpinned by background research on the property market in KSA's holy cities and on the economic and demographic drivers which are at work there. The report states that MMH's existing portfolio offers a unique opportunity to gain public equity exposure to the rapidly developing property markets of
Madinah, where land prices in certain quarters are among the highest in the world.
The KBR report shows MMH's strong asset backing from the investments to which the Company has exposure in real estate and development in the holy cities of KSA. An investment in MMH at its present share price could be an interesting opportunity for both "Frontier" funds and value investors. Through MMH's shares, investors are able to gain equity exposure, which has previously been available only to Saudi nationals; or to citizens of the GCC countries. Neither MMH nor MMCI has any debt; and MMCI has significant net cash. KBR views MMH's balance sheet to be robust.