Trivandrum: Prominent Gulf-based businessman Yusuffali MA will acquire a substantial stake in the Kannur International Airport Limited (KIAL), which is building Kerala’s fourth international airport in the northern city of Kannur.
Together with the Federal Bank, in which he holds 4.47 percent stake, the lone non-Arab director of the Abu Dhabi Chamber of Commerce and Industry and founder of the $5.1 billion LuLu Group will be allotted five percent shares.
Yusuffali is also the single largest individual shareholder and one of the director of the Cochin International Airport Limited (CIAL), which profitably runs India’s first corporate airport for the past one and a half decades in the southern Indian state.
He also holds influential stake in other Kerala-based banks, Catholic Syrian Bank and Dhanalakshmi Bank, besides running India’s largest retail and leisure mall under his flagship LuLu brand in the port city of Kochi.
KIAL has also decided to offer another five percent stake to retail investors living abroad whose response so far was lukewarm unlike in the case of CIAL that has more than 10,000 investors from 30 countries.
Though the project received the federal clearance in 2008, it was delayed due to opposition to individual investors seeking bulk shares. The total number of shares in KIAL is 3,662,4204 and total paid-up capital received so far is Rs2.3 billion.
01/02/14 Ashraf Padanna/Arab News
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Together with the Federal Bank, in which he holds 4.47 percent stake, the lone non-Arab director of the Abu Dhabi Chamber of Commerce and Industry and founder of the $5.1 billion LuLu Group will be allotted five percent shares.
Yusuffali is also the single largest individual shareholder and one of the director of the Cochin International Airport Limited (CIAL), which profitably runs India’s first corporate airport for the past one and a half decades in the southern Indian state.
He also holds influential stake in other Kerala-based banks, Catholic Syrian Bank and Dhanalakshmi Bank, besides running India’s largest retail and leisure mall under his flagship LuLu brand in the port city of Kochi.
KIAL has also decided to offer another five percent stake to retail investors living abroad whose response so far was lukewarm unlike in the case of CIAL that has more than 10,000 investors from 30 countries.
Though the project received the federal clearance in 2008, it was delayed due to opposition to individual investors seeking bulk shares. The total number of shares in KIAL is 3,662,4204 and total paid-up capital received so far is Rs2.3 billion.
01/02/14 Ashraf Padanna/Arab News
