Byblos Bank S.A.L. Headquarters, Ashrafieh, 27 October, 2015: As part of Byblos Bank S.A.L.’s continuous efforts to strengthen the Lebanese economy, develop infrastructure, and support public and private initiatives that improve the business environment and deliver added value to households, companies, and investors, its subsidiary Byblos Invest Bank S.A.L. has invested in the capital of Byblos Advanced Energy S.A.L., which aims to provide innovative and sustainable electricity solutions and generate power to the Jbeil Electricity Company, which is a concession company holding the rights to produce and distribute electricity in Jbeil since 1950.
With this investment, Byblos Invest Bank S.A.L. becomes one of the main contributors to the establishment of Byblos Advanced Energy S.A.L., joining Vectra Holding S.A.L. and Mr. Mario Chelala, owner
of SIMCO Engineering & Trading, which has vast experience in concept, design, and implementation of large-scale projects.
The investment of Byblos Invest Bank S.A.L. in Byblos Advanced Energy S.A.L. will follow the same business model as Byblos Bank S.A.L., namely making the company’s shares available to the public. As such, approximately 60% of the company’s shares will be available to the public once the Lebanese government issues the permit allowing the company to generate electricity. This will allow people to contribute effectively and practically to the common good. This is not the first initiative of its kind, and won’t be the last, to provide the Lebanese people with electricity and allow the public to actively participate in important projects that strengthen the infrastructure on which our economy relies for growth.
Byblos Bank S.A.L. was listed on the Beirut Stock Exchange in 1990 and the London Stock Exchange in 2009. It has a long record of supporting projects that contribute to economic development and job creation, including a recent injection of USD25 million into three investment funds established to finance start-ups and business incubators that focus on the knowledge economy.
Byblos Advanced Energy S.A.L. will be focused on generating electricity, while meeting international standards in terms of
economic, environmental and social standards, for 24/7 distribution across the Jbeil region by Jbeil Electricity Company.