Arabs put a high value on Woosh

By Nick Stride

The US$100 mill New Zealand Australia Private Equity Fund, owned by Kuwait Finance House, Bahrain (KFH-Bahrain), paid $35 mill for a 20.9% stake in Woosh in June, valuing the company at $167.5 mill.

It said then that around $100 mill had been invested in it.
The investment was done by private equity fund manager i-Cap but there was no suggestion at the time that the investment was on behalf of a single investor. I-Cap manages the New Zealand Australia Private equity Fund.

Other big shareholders are US investor Clarity Partners, Todd Capital, The Warehouse founder Stephen Tindall, and entrepreneur Craig Heatley.

Valuing the shares at 53c, the price KFH-Bahrain paid, Todd's stake is worth around $28 mill and Tindall's is worth $19.8 mill.

Woosh is rolling out wireless broadband networks around the country. It's looking to list on the NZSX in the next year.

KFH-Bahrain has also invested in NextWindow, a New Zealand-based designer of optical imaging screen technologies in the fields of gesture and touch recognition for the commercial retailer market.

It has investments in healthcare provider Radius Health Group, completed in February, and sportswear maker Canterbury, made in November 2003.

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