Venture Capital Bank Acquires Stake in Major Oil Drilling Company

ANAMA, Bahrain, November 21 /PRNewswire/ -- Venture Capital Bank (VC
 Bank), a Bahrain-based investment bank, along with its partner, the US
 private equity firm Global Emerging markets (GEM), have acquired a
 significant stake in the MENA-based oil drilling contractor Challenger
 Limited. Established in 1991, Challenger currently owns and operates a
 fleet of 22 rigs in Libya providing drilling and work-over services of oil,
 gas and water wells, with offices in Egypt, Saudi Arabia and UAE.

 The acquisition was co-funded by VC Bank and its strategic technical
 partner GEM illustrating VCBank's non-conventional pursuit to attract North
 American and European funds and sources of capital to investment
 opportunities in the MENA region. This significant transaction was
 completed by a team from VC Bank and GEM, not only strengthening the
 successful partnership between the two firms, but demonstrating that the
 region hosts many attractive, yet obscured, investment opportunities
 represented in privately held companies such as Challenger that operates
 mainly in Libya. continue reading