Bahrain Mumtalakat Holding Co. BSC, the sovereign wealth fund that appointed a new chief executive officer in March, said full-year loss widened as provisions for impairments increased.
Loss attributable to the shareholder of the parent was 335.8 million dinars ($891 million) in 2011 compared with 265.1 million dinars a year earlier, according Mumtalakat’s financial statement. Impairment losses climbed to 316.5 million dinars from 191.2 million dinars.
Mumtalakat, established in 2006, holds stakes in more than 35 companies including Gulf Air, Aluminium Bahrain BSC, Bahrain Telecommunications Co. (BATELCO), and McLaren Automotive Ltd. Mahmood Al Kooheji, chairman of Aluminium Bahrain, was appointed the CEO in March, replacing Talal al-Zain. The fund injected 400 million dinars into Gulf Air in 2010 as the national carrier restructures amid a slump in business.
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