3Power Appoints Two Board Members with Distinguished Expertise in the Operation & Funding of Multibillion Dollar Sized Projects
Date : 09/14/2011 @ 9:41AM
Source : Business Wire
Stock : 3Power Energy Group Inc. (PSPW)
Quote : 0.55 0.04 (7.84%) @ 9:36AM
3Power Appoints Two Board Members with Distinguished Expertise in the Operation & Funding of Multibillion Dollar Sized Projects
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3Power Energy GR (OTCBB:PSPW)
Intraday Stock Chart
Today : Wednesday 14 September 2011
3Power Energy Group Inc. (“3Power” and “the Company”) (OTCBB:PSPW)(Frankfurt:PSD) is pleased to announce the appointment of two new Board Directors to the Company. The Dubai based directors bring with them distinguished expertise in the operation and funding of multibillion Dollar sized projects. The company welcomes Mr. Sharif Rahman and Mr. Uma Balasubramaniam to the Board with immediate effect.
Mr. Sharif Rahman, is currently the CEO of the Falak Holding Group of companies, a Dubai based group involved in several diversified business sectors including as the initiator and a major shareholder of the $3.6 Billion Dubai sport city project - the world’s largest sports themed real estate project.
A graduate major in commerce from Kerala University in India, he joined the Falaknaz Holding Group at its inception 36 years ago and has been the driving force behind the group’s projects - from the startup stage through to full operation. He remains the personal investment and business advisor to Mr. Falaknaz and family, a prominent Dubai-based high net worth entrepreneur and the founder & owner of the Falak Holding Group.
Mr. Rahman brings to the company valuable expertise as an entrepreneur and senior executive with a history of involvement in multi-billion dollar projects. He also brings a well-established network of relationships in the affluent communities of the Arabian Gulf region and India.
In addition to his long-standing work with the Falak Holding Group, he is also the Founder and managing partner of International Expo Consults, one of the Middle East’s leading exhibition and trade show organizers established in 1994, as well as Chairman and owner of a $25 million turnover business in India which he founded 20 years ago.
Mr. Uma Maheshwaran Balasubramaniam (“Bala”) majored in economics and is qualified as a chartered accountant. He is a life member of the Cornell society of hotel men, an association of Cornell University. He brings into the company 35 years’ major experience and top level relations especially in the Middle East and Asia as well as a distinguished expertise in developing and managing mega-size projects. This varies from overseeing major projects to managing start-up ventures from inception to operational assignments.
Until recently, Bala served as Chief Executive Officer and member of the executive committee of Dubai Sports City, the world's first purpose-built integrated sports city having joined at its inception in 2003. Key responsibilities involved overseeing the project management, development and prompt delivery of the $3.6 billion project.
Before joining Dubai Sports City, he was Group General Manager and Chief Operating Officer of The Gulf International Tourism Development Company, overseeing hotels, real estate and mergers & acquisitions, from June 1983. This leading role involved managing existing assets and pursuing business opportunities mainly in the United Arab Emirates and partly in the Gulf and Europe, focusing on acquisitions.
Prior to 1983, Bala was Head of Finance for Development with the ITC LTD (formerly the Imperial Tobacco Company), in collaboration with SHERATON in India. Working for the Development Division of the organization, he oversaw a number of hospitality-based projects - from the Greenfield stage right through to preparation for handover to operators.
“I believe that 3Power has the right business model and I’m eager to work with the management to support its activities. Mr. Bala is a colleague and we worked successfully together on other transactions. I am confident that we shall be able to meet the Company and shareholders expectations” Said Mr. Rahman.
“The renewable Energy sector is an area of business which simply makes sense. I am committed to contributing my expertise to support the business of 3Power and increase shareholder value. It has always been my mission and I’m pleased to make it again - especially with my long-time colleague Sharif Rahman” Said Mr. Bala.
The Company believes this to be a major step in enhancing its financial capabilities and in the provision of an alternative feasible credit line to finance the Company’s project pipeline. |
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