Switzerland-based Fortune Management Inc. (Fortune) today received approval to list its shares on the Dubai International Financial Exchange (DIFX). Fortune is a leading private equity firm whose shares are listed on the Frankfurt Stock Exchange under the symbol FMI1 (ISIN code: USU 026281027).
Fortune will list its shares on DIFX in a non-capital raising secondary listing. On 23rd May 2006 the stock was trading at € 2.8 (AED 13.24), giving the Company a market capitalization of € 340.9 million (AED 1,598 million). Its shares have been one of the best performers on the Frankfurt Stock Exchange over the past three years and enjoy substantial trading volume. Some of the world’s largest institutional investors are amongst the major shareholders of the Company.
Fortune Management announced a net profit of €11.8 million (AED 55.41 million) or €0.16 per share (AED 0.751 per share), for the year that ended December 31, 2005 and has offices in Zug, Zurich, Geneva, Wuerzburg, Vienna and Dubai,. Fortune has two main activities, Principal Investments and Private Equity Management, both operating from the same corporate platform:
• Principal Investments comprises direct investments in different businesses, such as its Wealth Management business in Switzerland, Fortune Wealth Management Group Ltd., and one of Europe’s largest bio-diesel operations (oil mills and refineries), trading under the brand name Global Alternative Energy (GATE).
• Private Equity Management holds actively managed stakes in various Private Equity Managers (primarily General Partners and Advisors of Private Equity Funds), such as Antarctic SA in Chile.
• In the GCC region, Fortune is preparing the launch of a number of regional private equity funds in collaboration with local institutions. For that purpose, the Company plans to substantially expand its current operation in Dubai.
Commenting on the listing Rene Muller, CEO of Fortune Management, said: “We are delighted to be able to list our stock on the DIFX, and introduce as the first continental European company a whole new market of investors to our unique business model. Fortune has been active in Dubai and the region for three years. We have major initiatives in the Middle East, a region which will play an increasingly important role in our global operations. The DIFX listing shall show our partners Fortune’s long-term commitment, provide our investors and clients with the transparency they require and is a natural step in the realization of our global strategy.
Fortune is preparing to launch a series of private equity funds from the region for the region. We will sign strategic deals through our Principal Investment vehicle and initiate the dialogue with independent asset managers for possible cooperations & acquisitions. While Private Equity is growing in the Middle East, Fortune’s mission is to create maximum value for all our stakeholders with the help of our unique integrated platform.”
Nasser Alshaali, Chief Operating Officer of the DIFX, commented: “We welcome Fortune as the newest issuer on the DIFX. It will be the first continental European company to list on the DIFX. Its arrival demonstrates the growing confidence that the financial community has in the exchange. As an issuer on the DIFX, Fortune will list on the region’s newest, best regulated and most international capital market. We hope that many other Western companies will see the attractiveness of such a dual listing and follow suit. ”
FMI shares will begin trading on DIFX on 1st June 2006.
About Fortune
FORTUNE Management Inc., Zug/Switzerland, is an on the Frankfurt Stock Exchange listed private equity firm. Its two main activities Principal Investments and Private Equity Management operate from the same corporate platform. Principal Investments comprises of direct investments into different businesses, such as e.g. Wealth Management in Switzerland (Fortune Wealth Management Group Ltd.) or Biodiesel (GATE Global Alternative Energy S.a.r.L.). Fortune is generally seeking to acquire controlling interests in these investments for dividend income and capital gain. Under Private Equity Management, Fortune subsumes its investments in Private Equity Managers (General Partners and Advisors), such as Antarctic International Private Equity Fund S.A. in Chile. The focus in this segment lies in consolidating long-term recurring management and performance fee income. FORTUNE has subsidiaries in Zug, Zurich, Geneva, Vienna, Luxembourg, Wuerzburg, Santiago de Chile and Dubai.
The company’s shares (ISIN: USU 026281027) are quoted on the Regulated Market (General Standard) at the Frankfurt Stock Exchange.
About DIFX
The DIFX aims to become the main exchange in its region for equities, bonds, Islamic products, funds, index products and derivatives. The target areas of the DIFX for seeking issuers include the whole of the Middle East and North Africa, as well as South Africa, Turkey and the Indian sub-continent.
The regulator of the DIFX is the Dubai Financial Services Authority. The DIFX is located in the Dubai International Financial Centre (DIFC) and its owner is the DIFC Authority.
