Qannas Investments Limited is to apply for the admission of its shares to trading on AIM, a market of the London Stock Exchange Plc and to proceed with an initial offering by way of a placing of its ordinary shares to institutional and other investors.
The Company will take the form of a newly-established, closed-ended investment company incorporated in Jersey and regulated by the Jersey Financial Services Commission. Abu Dhabi Capital Management (ADCM), an alternative investment management firm based in Abu Dhabi, will act as investment manager to the Company.
Qannas will seek to generate a target IRR of at least 20 per cent by investing in a diversified portfolio of undervalued equity and debt investments, with a focus on the Gulf Cooperation Council (GCC) countries.
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