Challenger Limited

Incorporated in the Isle of Man, with assets in Libya and a regional office in Cairo, Egypt, Challenger is an international provider of contract oil and gas land drilling and work over services with over 15 years experience servicing both major and independent oil and gas companies in the African continent and expanding into the Middle East. Challenger operates a fleet of 22 onshore drilling rigs consisting of 6 drilling rigs and 16 work over / water well rigs. The company also provides mobile heavy equipment services and tubing and patching as ancillary services. In addition to being ISO 9002 certified, the Company also has a good safety record. Though the Company’s management centre is in Egypt, its primary business is in Libya where the recent political reforms and privatization of the national oilfields has led to a dramatic increase in the development and new drilling in existing fields as well as the aggressive pursuit of new onshore sites by the major global oil companies. Today, Challenger is one of the very few regionally owned oil drilling companies, with a strong client base in Libya, including nearly all state-owned oil companies as well as international players such as Agip/Eni, Total and Verenex Energy. Furthermore, the dynamics of light sweet crude oil reserves in Libya that face low “under sand” extraction costs have led to immense top line and margin growth for the company. The company also has plans to expand in the Middle East region, where the Company has a subsidiary in Saudi Arabia which is pre-qualified with Saudi Aramco. The Company was identified by GEM via its delving into opportunities among small and mid-cap international oil and gas services players, particularly those in parts of the world generally thought to be too risky or out of favor. The investment for a 40% interest in Challenger, in supporting incremental working capital and rig capital investment for the company, was undertaken through GEM’s joint venture fund for the MENA region with the Venture Capital Bank of Bahrain, the MENA Small and Medium Enterprises Fund.

Apollo Hospitals Group

Apollo Hospitals Group was incorporated on as a public company in 1979 and is listed on the Mumbai Stock exchange. The company today represents the single largest integrated private sector healthcare company in Asia. Apollo manages a network of specialty hospitals and clinics in India and in parts of Southeast Asia, a chain of retail pharmacy outlets across India, and provides a broad range of consultancy services for commissioning and managing hospitals. A substantial and growing segment of Apollo’s business is back office and diagnostic back end support for which it provides offshoring and outsourcing services for a number of US and private sector UK hospital groups. GEM had undertaken a PIPES transaction in the Company leveraging off GEM’s public and private markets’ experience in the US health services sector and experience with the growth trajectory in BPO trends in both commoditized and high value market niches.