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A cash shell for investing in Middle Eastern and North African property businesses has floated on PLUS. RAK Real Estate, which is incorporated in the British Virgin Islands, intends to complete a reverse takeover of a suitable company through an issue of shares, at which point it will become a trading business.

More than 96 per cent of the company’s share capital is held by one investor, Rafed Al-Khorafi, who invested some US$1.55 million (£870,000) in RAK shortly after the company’s incorporation in May. Roughly one third of this ($567,365) was exhausted by start-up costs and expenses, including the flotation on PLUS.

Ahmed Al-Omani, who formerly worked at a Kuwaiti sovereign wealth fund, was appointed chairman on the same day as Al-Khorafi made his investment.

The company’s founding directors are Jason Futko, Spencer Wilson and Edwin Lee, all of whom are senior managing directors at Canada-headquartered investment bank Newhaven Merchant Bankers. Wilson will source appropriate projects for the company, Futko will be in charge of finance, and Lee will be involved mainly in managing sourced projects.

Futko, Wilson and Lee have no interest in any of the company’s share capital.

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