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Fairfax Financial Holdings Limited Message Board

  • zipperdydoodah zipperdydoodah Mar 9, 2006 3:50 PM Flag

    What happened to this investment?

    "Odyssey America organized O.R.E Holdings Limited ("ORE"), a private
    corporation domiciled in Mauritius, on December 30, 2003 to act as a holding
    company for various investments in Asia. On January 29, 2004, ORE was
    capitalized by Odyssey America in the amount of $16.7 million. During 2004, ORE
    entered into a joint venture agreement relating to the investment by ORE of
    $16.6 million to purchase 45% of the issued and outstanding shares of Cheran
    Enterprises Private Limited ("CEPL"). CEPL is a private corporation domiciled in
    India, engaged in the purchase, development and sale of commercial real estate
    properties and other investments. In conjunction with this investment, Odyssey
    America agreed to provide a guarantee of a credit facility to be established by
    CEPL in an amount up to $65 million. The guarantee is conditioned upon a pledge
    in favor of Odyssey America by the other shareholders of CEPL of assets with an
    aggregate value of 150% of the guarantee. As of this date, the credit facility
    is still in the process of being established; it is expected that this
    transaction will be completed during the fourth quarter of 2004."

    Well - you can find out here:

    http://www.thehindubusinessline.com/2006/02/18/stories/2006021802831900.htm

    Just your friendly observant old lady.

    Zip

 
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