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‫ﻣﺸﺎرﻳﻌﻬﺎ‬ ‫دﻋﻢ‬ ‫اﻟﻰ‬ ‫ﻣﻌﺎ‬ ‫اﻟﻜﺒﻴﺮة‬ ‫و‬ ‫اﻟﺼﻐﻴﺮة‬ ‫اﻟﺸﺮﻛﺎت‬ ‫ﺗﺤﺘﺎج‬ ‫اﻻﻋﻤﺎل‬ ‫ﻋﺎﻟﻢ‬ ‫ﻓﻲ‬
، ‫اﻟﻤﺼﺎﻧﻊ‬ ‫ﻛﺒﻨﺎء‬ .‫ﺟﺪﻳﺪة‬ ‫ﻧﻤﻮ‬ ‫ﻓﺮص‬ ‫ﻳﻤﺜﻞ‬ ‫ﻓﺎﻻﺳﺘﺜﻤﺎر‬ ‫اﻻﺳﺘﺜﻤﺎر‬ ‫ﻃﺮﻳﻖ‬ ‫ﻋﻦ‬
‫ﻣﻦ‬ ‫و‬ ,‫أﺧﺮى‬ ‫ﺷﺮﻛﺔ‬ ‫ﺷﺮاء‬ ‫أو‬ ‫ﻣﺒﺘﻜﺮة‬ ‫ﻣﻨﺘﺠﺎت‬ ‫ﺗﻄﻮﻳﺮ‬ ،‫اﻟﻤﻮﻇﻔﻴﻦ‬ ‫ﻋﺪد‬ ‫زﻳﺎدة‬
‫اﻟﺸﺮﻛﺔ‬ ‫ﻧﻤﻮ‬ ‫اﺳﺘﺮاﺗﻴﺠﻴﺔ‬ ‫ﺗﺘﺒﻨﻰ‬ ‫اﻟﺘﻲ‬ ‫اﻟﺨﺎﺻﺔ‬ ‫اﻟﻤﻠﻜﻴﺔ‬ ‫ﺷﺮﻛﺎت‬ ‫دور‬ ‫ﻳﺎﺗﻲ‬ ‫ﻫﻨﺎ‬
‫اﻟﻌﺎﻟﻤﻴﺔ‬ ‫او‬ ‫اﻟﻤﺤﻠﻴﺔ‬ ‫اﻻﺳﻮاق‬ ‫ﻓﻲ‬ ‫ﻣﻜﺎﻧﺘﻬﺎ‬ ‫ﺗﻌﺰﻳﺰ‬ ‫و‬
‫اﻟﺨﺎﺻﺔ‬ ‫اﻟﻤﻠﻜﻴﺔ‬ ‫ﺷﺮﻛﺎت‬ ‫ﻓﻲ‬ ‫اﻻﺳﺘﺜﻤﺎر‬
PRIVATE EQUITY
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:‫اﻟﺨﺎﺻﺔ‬ ‫اﻟﻤﻠﻜﻴﺔ‬ ‫ﺷﺮﻛﺎت‬ ‫ﺑﻬﺎ‬ ‫ﺗﻌﻤﻞ‬ ‫رﺋﻴﺴﻴﺔ‬ ‫ﺳﻴﺎﺳﺎت‬ ‫ﺧﻤﺴﺔ‬ ‫ﻳﻠﻲ‬ ‫ﻓﻴﻤﺎ‬
‫اﻹﺳﺘﺜﻤﺎر‬ ‫ﻓﻲ‬ ‫اﻟﻤﺘﺒﻌﺔ‬ ‫اﻟﺴﻴﺎﺳﺎت‬
‫اﻟﺨﺎﺻﺔ‬ ‫اﻟﻤﻠﻜﻴﺔ‬ ‫ﺷﺮﻛﺎت‬ ‫ﻓﻲ‬
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‫اﻟﻤﺠﺎزف‬ ‫اﻟﻤﺎل‬ ‫رأس‬
‫اﻟﻨﺎﻣﻲ‬ ‫اﻟﻤﺎل‬ ‫رأس‬
‫ﻣﻴﺰاﻧﻴﻦ‬
‫اﻻﺳﺘﺤﻮاذ‬
‫ﺧﺎﺻﺔ‬ ‫ﺣﺎﻻت‬
‫اﻟﺨﺎﺻﺔ‬ ‫اﻟﻤﻠﻜﻴﺔ‬ ‫ﺷﺮﻛﺎت‬ ‫ﻓﻲ‬ ‫اﻹﺳﺘﺜﻤﺎر‬ ‫ﻓﻲ‬ ‫اﻟﻤﺘﺒﻌﺔ‬ ‫اﻟﺴﻴﺎﺳﺎت‬
‫اﻟﻤﺠﺎزف‬ ‫اﻟﻤﺎل‬ ‫رأس‬
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‫واﻋﺪة‬ ‫ﻧﻤﻮ‬ ‫ﻓﺮص‬ ‫ﺑﺘﻘﺪﻳﻢ‬ ‫اﻟﺴﻴﺎﺳﺔ‬ ‫ﻫﺬه‬ ‫ﺗﺘﺴﻢ‬
‫ﻣﺸﺎرﻳﻊ‬ ‫أﻓﻜﺎر‬ ‫دﻋﻢ‬ ‫ﻋﻠﻰ‬ ‫اﻟﺘﺮﻛﻴﺰ‬ ‫ﻳﺘﻢ‬ ‫ﺣﻴﺚ‬ .‫ﻋﺎﻟﻴﺔ‬ ‫ﻣﺨﺎﻃﺮة‬ ‫ﺑﻨﺴﺐ‬ ‫ﻣﺼﺤﻮﺑﺔ‬
‫اﻟﻤﻠﻜﻴﺔ‬ ‫ﺷﺮﻛﺎت‬ ‫دور‬ ‫ﻓﺈن‬ ,‫ﻟﻠﻔﻜﺮة‬ ‫داﻋﻢ‬ ‫ﻣﺎل‬ ‫رأس‬ ‫وﺟﻮد‬ ‫إﻟﻰ‬ ‫ﺗﻔﺘﻘﺮ‬ ‫ﺗﻨﺎﻓﺴﻴﺔ‬
‫ﺑﺈﻧﺸﺎء‬ ‫اﻟﺒﺪء‬ ‫وﺗﻤﻜﻴﻦ‬ ‫اﻷﻓﻜﺎر‬ ‫ﻟﻬﺬه‬ ‫اﻻﺳﺘﺜﻤﺎر‬ ‫ﻋﻤﻠﻴﺔ‬ ‫ﺗﻤﻜﻴﻦ‬ ‫ﻫﻮ‬ ‫اﻟﺨﺎﺻﺔ‬
‫واﺳﺘﺜﻤﺎراﺗﻬﺎ‬ ‫اﻟﺨﺎﺻﺔ‬ ‫اﻟﻤﻠﻜﻴﺔ‬ ‫ﺷﺮﻛﺎت‬ ‫ﻋﻤﻞ‬ ‫ﻃﺒﻴﻌﺔ‬ ‫ﺑﺤﻜﻢ‬ ‫و‬ .‫اﻟﺘﺠﺎري‬ ‫اﻟﻤﺸﺮوع‬
‫ﺗﻄﻮﻳﺮ‬ ‫ﻓﻲ‬ ‫وﺧﺒﺮة‬ ً ً‫ﻋﻠﻤﺎ‬ ‫أﻛﺜﺮ‬ ‫ﻳﺠﻌﻠﻬﻢ‬ ‫واﻟﻘﻄﺎﻋﺎت‬ ‫اﻟﻤﺸﺎرﻳﻊ‬ ‫ﻣﻦ‬ ‫ﻛﺒﻴﺮ‬ ‫ﻋﺪد‬ ‫ﻓﻲ‬
‫اﻻﺳﺘﺜﻤﺎر‬ ‫ﻓﻜﺮة‬ ‫وإﻧﺠﺎح‬
‫اﻟﺨﺎﺻﺔ‬ ‫اﻟﻤﻠﻜﻴﺔ‬ ‫ﺷﺮﻛﺎت‬ ‫ﻓﻲ‬ ‫اﻹﺳﺘﺜﻤﺎر‬ ‫ﻓﻲ‬ ‫اﻟﻤﺘﺒﻌﺔ‬ ‫اﻟﺴﻴﺎﺳﺎت‬
‫اﻟﻨﺎﻣﻲ‬ ‫اﻟﻤﺎل‬ ‫رأس‬
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,‫اﻟﻨﻀﺞ‬ ‫ﻟﻤﺮﺣﻠﺔ‬ ‫وﺻﻠﺖ‬ ‫اﻟﺘﻲ‬ ‫اﻟﺸﺮﻛﺎت‬ ‫ﺑﺘﻤﻮﻳﻞ‬ ‫اﻟﺴﻴﺎﺳﺔ‬ ‫ﻫﺬه‬ ‫ﺗﺘﺴﻢ‬
‫ﻗﺎدرة‬ ‫ﻏﻴﺮ‬ ‫ﻟﻜﻨﻬﺎ‬ ‫اﻟﺘﺸﻐﻴﻠﻴﺔ‬ ‫واﻷرﺑﺎح‬ ‫اﻹﻳﺮادات‬ ‫ﺗﻮﻟﻴﺪ‬ ‫ﻋﻠﻰ‬ ‫ﻗﺎدرة‬ ‫وﺗﻜﻮن‬
‫اﺳﺘﺤﻮاذﻫﺎ‬ ‫أو‬ ,‫ﻛﺒﻴﺮة‬ ‫ﺗﻮﺳﻌﺎت‬ ‫ﻟﺘﻤﻮﻳﻞ‬ ‫ﺳﻴﻮﻟﺔ‬ ‫ﻣﻦ‬ ‫ﻳﻜﻔﻲ‬ ‫ﻣﺎ‬ ‫ﺗﻮﻟﻴﺪ‬ ‫ﻋﻠﻰ‬
‫إﻋﺎدة‬ ‫إﻟﻰ‬ ‫اﻻﺳﺘﺮاﺗﻴﺠﻴﺔ‬ ‫ﻫﺬه‬ ‫وﺗﻬﺪف‬ .‫اﻻﺳﺘﺜﻤﺎرات‬ ‫ﻣﻦ‬ ‫ﻏﻴﺮﻫﺎ‬ ‫أو‬ ‫ﻣﺎ‬ ‫ﻟﺸﺮﻛﺔ‬
‫اﻟﻌﻤﻠﻴﺔ‬ ‫ﺣﺪودﻫﺎ‬ ‫ﺧﺎرج‬ ‫اﻟﺘﻮﺳﻊ‬ ‫ﻋﻠﻰ‬ ‫ﻟﺘﺴﺎﻋﺪﻫﺎ‬ ‫وﻣﻴﺰاﻧﻴﺘﻬﺎ‬ ‫اﻟﺸﺮﻛﺔ‬ ‫ﻫﻴﻜﻠﺔ‬
‫اﻟﺨﺎﺻﺔ‬ ‫اﻟﻤﻠﻜﻴﺔ‬ ‫ﺷﺮﻛﺎت‬ ‫ﻓﻲ‬ ‫اﻹﺳﺘﺜﻤﺎر‬ ‫ﻓﻲ‬ ‫اﻟﻤﺘﺒﻌﺔ‬ ‫اﻟﺴﻴﺎﺳﺎت‬
‫ﻣﻴﺰاﻧﻴﻦ‬
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‫دون‬ ‫ﻣﻦ‬ ‫إﺿﺎﻓﻲ‬ ‫ﺗﻤﻮﻳﻞ‬ ‫ﻋﻠﻰ‬ ‫اﻟﺤﺼﻮل‬ ‫ﺑﺈﻣﻜﺎﻧﻴﺔ‬ ‫اﻟﺴﻴﺎﺳﺔ‬ ‫ﻫﺬه‬ ‫ﺗﺘﺴﻢ‬
‫اﻟﺸﺮﻛﺔ‬ ‫اﻟﺘﺰام‬ ‫ﺣﺎل‬ ‫ﻓﻲ‬ ‫ﺑﺎﻟﺸﺮﻛﺔ‬ ‫ﻣﻠﻜﻴﺔ‬ ‫أﺳﻬﻢ‬ ‫ﻋﻠﻰ‬ ‫اﻟﻤﺴﺘﺜﻤﺮ‬ ‫ﺣﺼﻮل‬
‫ﻓﻴﺤﻖ‬ ‫اﻟﺘﻤﻮﻳﻞ‬ ‫ﻣﺒﻠﻎ‬ ‫ﺑﺘﺴﺪﻳﺪ‬ ‫اﻻﻟﺘﺰام‬ ‫ﻋﺪم‬ ‫ﺣﺎل‬ ‫اﻟﻤﺴﺘﺤﻘﺔ,ﻓﻲ‬ ‫ﺑﺎﻟﺪﻓﻌﺎت‬
.‫اﻟﺘﻤﻮﻳﻞ‬ ‫ﻣﺒﻠﻎ‬ ‫ﻗﻴﻤﺔ‬ ‫ﺣﺴﺐ‬ ‫اﻟﺸﺮﻛﺔ‬ ‫ﻣﻦ‬ ‫ﻧﺴﺒﺔ‬ ‫ﻋﻠﻰ‬ ‫اﻻﺳﺘﺤﻮاذ‬ ‫ﻟﻠﻤﻤﻮل‬
‫اﻟﺼﻐﻴﺮة‬ ‫ﻟﻠﺸﺮﻛﺎت‬ ‫ﺗﻘﻠﻴﺪﻳﺔ‬ ‫اﻟﻐﻴﺮ‬ ‫اﻟﺘﻤﻮﻳﻠﻴﺔ‬ ‫اﻟﺤﻠﻮل‬ ‫ﻣﻦ‬ ‫اﻷداة‬ ‫ﻫﺬه‬ ‫وﺗﻌﺘﺒﺮ‬
‫وﻧﺸﺎﻃﺎﺗﻬﺎ‬ ‫ﻋﻤﻠﻴﺎﺗﻬﺎ‬ ‫ﺗﻮﺳﻴﻊ‬ ‫اﻟﻰ‬ ‫ﺗﻬﺪف‬ ‫اﻟﺘﻲ‬ ‫واﻟﻤﺘﻮﺳﻄﺔ‬
‫اﻟﺨﺎﺻﺔ‬ ‫اﻟﻤﻠﻜﻴﺔ‬ ‫ﺷﺮﻛﺎت‬ ‫ﻓﻲ‬ ‫اﻹﺳﺘﺜﻤﺎر‬ ‫ﻓﻲ‬ ‫اﻟﻤﺘﺒﻌﺔ‬ ‫اﻟﺴﻴﺎﺳﺎت‬
‫اﻻﺳﺘﺤﻮاذ‬
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‫اﺳﺘﺮاﺗﻴﺠﻴﺔ‬ ‫أو‬ ‫اﻹدارة‬ ‫أو‬ ‫اﻟﻤﻠﻜﻴﺔ‬ ‫ﻓﻲ‬ ‫ﺗﻐﻴﻴﺮ‬ ‫ﺑﺈﺣﺪاث‬ ‫اﻟﺴﻴﺎﺳﺔ‬ ‫ﻫﺬه‬ ‫ﺗﺘﺴﻢ‬
.‫اﻟﺸﺮﻛﺔ‬ ‫اﻟﻤﻠﻜﻴﺔ‬ ‫ﻧﺴﺒﺔ‬ ‫ﻣﻦ‬ ‫أﻏﻠﺒﻴﺔ‬ ‫أو‬ ‫ﻛﺒﻴﺮ‬ ‫ﺟﺰء‬ ‫ﻋﻠﻰ‬ ‫اﻟﺤﺼﻮل‬ ‫ﺧﻼل‬ ‫ﻣﻦ‬ ‫اﻟﺸﺮﻛﺔ‬
‫ﺗﺒﻘﻰ‬ ‫ﻣﺎ‬ ‫ﻏﺎﻟﺒﺎ‬ ,‫واﻟﻜﺒﻴﺮة‬ ‫اﻟﻨﺎﺿﺠﺔ‬ ‫اﻟﺸﺮﻛﺎت‬ ‫ﻓﻲ‬ ‫ﺗﺤﺼﻞ‬ ‫ﻣﺎ‬ ‫ﻋﺎدة‬ ‫اﻻﺳﺘﺤﻮاذ‬ ‫ﻋﻤﻠﻴﺔ‬
‫أن‬ ‫إﻻ‬ ،‫اﻟﻤﻌﺘﺎد‬ ‫ﺑﺎﻟﺸﻜﻞ‬ ‫ﺑﻌﻤﻠﻴﺎﺗﻬﺎ‬ ‫وﺗﻘﻮم‬ ‫ﻣﻮﺟﻮدة‬ ‫ﻋﻠﻴﻬﺎ‬ ‫اﻟﻤﺴﺘﺤﻮذ‬ ‫اﻟﺸﺮﻛﺔ‬
‫اﻻﺳﺘﺤﻮاذ‬ ‫ﻳﻜﻮن‬ ‫ﺣﻴﺚ‬ ‫اﻟﻤﺴﺘﺤﻮذة‬ ‫اﻟﺸﺮﻛﺔ‬ ‫ﻣﺴﺎﻫﻤﻲ‬ ‫إﻟﻰ‬ ‫ﺗﻨﺘﻘﻞ‬ ‫أﺳﻬﻤﻬﺎ‬ ‫ﻣﻠﻜﻴﺔ‬
‫اﻟﺸﺮﻛﺔ‬ ‫أﺳﻬﻢ‬ ‫ﻣﻦ‬ ‫اﻷﻛﺒﺮ‬ ‫اﻟﺤﺼﺔ‬ ‫ﺑﺎﻣﺘﻼك‬ ‫ﺟﺰﺋﻴﺎ‬ ‫أو‬ ‫اﻟﺸﺮﻛﺔ‬ ‫أﺻﻮل‬ ‫ﻛﺎﻓﺔ‬ ‫ﺑﺸﺮاء‬ ً‫ﻛﻠﻴﺎ‬ ‫إﻣﺎ‬
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‫اﻟﺨﺎﺻﺔ‬ ‫اﻟﻤﻠﻜﻴﺔ‬ ‫ﺷﺮﻛﺎت‬ ‫ﻓﻲ‬ ‫اﻹﺳﺘﺜﻤﺎر‬ ‫ﻓﻲ‬ ‫اﻟﻤﺘﺒﻌﺔ‬ ‫اﻟﺴﻴﺎﺳﺎت‬
‫آﺧﺮى‬ ‫ﺣﺎﻻت‬
‫واﺣﺪا‬ ‫ﻣﺜﺎﻻ‬ ‫إﻻ‬ ‫اﻟﺨﺎﺻﺔ‬ ‫اﻟﻤﻠﻜﻴﺔ‬ ‫ﺻﻨﺎدﻳﻖ‬ ‫ﻓﻲ‬ ‫اﻟﺴﻴﺎﺳﺎت‬ ‫ﺗﺘﻌﺪد‬
‫اﻟﻤﻠﻜﻴﺔ‬ ‫ﺻﻨﺎدﻳﻖ‬ ‫ﺑﻴﻊ‬ ‫وﻫﻲ‬ ,‫اﻟﺜﺎﻧﻮﻳﺔ‬ ‫اﻟﺼﻨﺎدﻳﻖ‬ ‫ﺗﻤﻮﻳﻞ‬ ‫وﻫﻮ‬
‫ﺗﻤﻨﺢ‬ ‫اﻻﺳﺘﺜﻤﺎرات‬ ‫ﻫﺬه‬ ,‫ﻣﺎﻟﻲ‬ ‫ﻣﺴﺘﺜﻤﺮ‬ ‫أو‬ ‫آﺧﺮ‬ ‫ﺷﺮﻳﻚ‬ ‫إﻟﻰ‬ ‫اﻟﺨﺎﺻﺔ‬
‫ﻟﻠﺘﺨﺎرج‬ ‫اﻟﻤﻄﻠﻮﺑﺔ‬ ‫اﻟﺴﻴﻮﻟﺔ‬ ‫ﻣﻨﺢ‬ ‫ﻟﻠﻤﺴﺘﺜﻤﺮﻣﻊ‬ ‫أﺳﺮع‬ ‫ﻋﻮاﺋﺪ‬
‫ﺑﺎﻟﺴﻌﻲ‬ ‫وﺗﻌﺮف‬ ‫اﻟﻤﺘﻌﺜﺮة‬ ‫اﻟﺪﻳﻮن‬ ‫ﺻﻨﺎدﻳﻖ‬ ‫ﻫﻮ‬ ‫آﺧﺮ‬ ‫ﻣﺜﺎل‬
‫اﻟﺪﻳﻮن‬ ‫ﺷﺮاء‬ ‫ﺧﻼل‬ ‫ﻣﻦ‬ ‫اﻟﺸﺮﻛﺔ‬ ‫ﻓﻲ‬ ‫ﺣﺼﺺ‬ ‫ﻋﻠﻰ‬ ‫ﻟﻠﺤﺼﻮل‬
‫ﺗﻨﻈﻴﻢ‬ ‫إﻋﺎدة‬ ‫ﺧﻼل‬ ‫ﻣﻦ‬ ‫اﻟﺮﺑﺢ‬ ‫ﺗﺤﻘﻴﻖ‬ ‫ﺑﻬﺪف‬ ‫ﻟﻠﺸﺮﻛﺔ‬ ‫اﻟﻤﺘﻌﺜﺮة‬
.‫اﻟﻌﻤﻮﻣﻴﺔ‬ ‫واﻟﻤﻴﺰاﻧﻴﺔ‬ ‫اﻟﺸﺮﻛﺔ‬ ‫ﻋﻤﻠﻴﺎت‬

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السياسات المتبعة في الإستثمار في شركات الملكية الخاصة

  • 1. ‫ﻣﺸﺎرﻳﻌﻬﺎ‬ ‫دﻋﻢ‬ ‫اﻟﻰ‬ ‫ﻣﻌﺎ‬ ‫اﻟﻜﺒﻴﺮة‬ ‫و‬ ‫اﻟﺼﻐﻴﺮة‬ ‫اﻟﺸﺮﻛﺎت‬ ‫ﺗﺤﺘﺎج‬ ‫اﻻﻋﻤﺎل‬ ‫ﻋﺎﻟﻢ‬ ‫ﻓﻲ‬ ، ‫اﻟﻤﺼﺎﻧﻊ‬ ‫ﻛﺒﻨﺎء‬ .‫ﺟﺪﻳﺪة‬ ‫ﻧﻤﻮ‬ ‫ﻓﺮص‬ ‫ﻳﻤﺜﻞ‬ ‫ﻓﺎﻻﺳﺘﺜﻤﺎر‬ ‫اﻻﺳﺘﺜﻤﺎر‬ ‫ﻃﺮﻳﻖ‬ ‫ﻋﻦ‬ ‫ﻣﻦ‬ ‫و‬ ,‫أﺧﺮى‬ ‫ﺷﺮﻛﺔ‬ ‫ﺷﺮاء‬ ‫أو‬ ‫ﻣﺒﺘﻜﺮة‬ ‫ﻣﻨﺘﺠﺎت‬ ‫ﺗﻄﻮﻳﺮ‬ ،‫اﻟﻤﻮﻇﻔﻴﻦ‬ ‫ﻋﺪد‬ ‫زﻳﺎدة‬ ‫اﻟﺸﺮﻛﺔ‬ ‫ﻧﻤﻮ‬ ‫اﺳﺘﺮاﺗﻴﺠﻴﺔ‬ ‫ﺗﺘﺒﻨﻰ‬ ‫اﻟﺘﻲ‬ ‫اﻟﺨﺎﺻﺔ‬ ‫اﻟﻤﻠﻜﻴﺔ‬ ‫ﺷﺮﻛﺎت‬ ‫دور‬ ‫ﻳﺎﺗﻲ‬ ‫ﻫﻨﺎ‬ ‫اﻟﻌﺎﻟﻤﻴﺔ‬ ‫او‬ ‫اﻟﻤﺤﻠﻴﺔ‬ ‫اﻻﺳﻮاق‬ ‫ﻓﻲ‬ ‫ﻣﻜﺎﻧﺘﻬﺎ‬ ‫ﺗﻌﺰﻳﺰ‬ ‫و‬ ‫اﻟﺨﺎﺻﺔ‬ ‫اﻟﻤﻠﻜﻴﺔ‬ ‫ﺷﺮﻛﺎت‬ ‫ﻓﻲ‬ ‫اﻻﺳﺘﺜﻤﺎر‬ PRIVATE EQUITY www.maceen.com
  • 2. :‫اﻟﺨﺎﺻﺔ‬ ‫اﻟﻤﻠﻜﻴﺔ‬ ‫ﺷﺮﻛﺎت‬ ‫ﺑﻬﺎ‬ ‫ﺗﻌﻤﻞ‬ ‫رﺋﻴﺴﻴﺔ‬ ‫ﺳﻴﺎﺳﺎت‬ ‫ﺧﻤﺴﺔ‬ ‫ﻳﻠﻲ‬ ‫ﻓﻴﻤﺎ‬ ‫اﻹﺳﺘﺜﻤﺎر‬ ‫ﻓﻲ‬ ‫اﻟﻤﺘﺒﻌﺔ‬ ‫اﻟﺴﻴﺎﺳﺎت‬ ‫اﻟﺨﺎﺻﺔ‬ ‫اﻟﻤﻠﻜﻴﺔ‬ ‫ﺷﺮﻛﺎت‬ ‫ﻓﻲ‬ www.maceen.com ‫اﻟﻤﺠﺎزف‬ ‫اﻟﻤﺎل‬ ‫رأس‬ ‫اﻟﻨﺎﻣﻲ‬ ‫اﻟﻤﺎل‬ ‫رأس‬ ‫ﻣﻴﺰاﻧﻴﻦ‬ ‫اﻻﺳﺘﺤﻮاذ‬ ‫ﺧﺎﺻﺔ‬ ‫ﺣﺎﻻت‬
  • 3. ‫اﻟﺨﺎﺻﺔ‬ ‫اﻟﻤﻠﻜﻴﺔ‬ ‫ﺷﺮﻛﺎت‬ ‫ﻓﻲ‬ ‫اﻹﺳﺘﺜﻤﺎر‬ ‫ﻓﻲ‬ ‫اﻟﻤﺘﺒﻌﺔ‬ ‫اﻟﺴﻴﺎﺳﺎت‬ ‫اﻟﻤﺠﺎزف‬ ‫اﻟﻤﺎل‬ ‫رأس‬ www.maceen.com ‫واﻋﺪة‬ ‫ﻧﻤﻮ‬ ‫ﻓﺮص‬ ‫ﺑﺘﻘﺪﻳﻢ‬ ‫اﻟﺴﻴﺎﺳﺔ‬ ‫ﻫﺬه‬ ‫ﺗﺘﺴﻢ‬ ‫ﻣﺸﺎرﻳﻊ‬ ‫أﻓﻜﺎر‬ ‫دﻋﻢ‬ ‫ﻋﻠﻰ‬ ‫اﻟﺘﺮﻛﻴﺰ‬ ‫ﻳﺘﻢ‬ ‫ﺣﻴﺚ‬ .‫ﻋﺎﻟﻴﺔ‬ ‫ﻣﺨﺎﻃﺮة‬ ‫ﺑﻨﺴﺐ‬ ‫ﻣﺼﺤﻮﺑﺔ‬ ‫اﻟﻤﻠﻜﻴﺔ‬ ‫ﺷﺮﻛﺎت‬ ‫دور‬ ‫ﻓﺈن‬ ,‫ﻟﻠﻔﻜﺮة‬ ‫داﻋﻢ‬ ‫ﻣﺎل‬ ‫رأس‬ ‫وﺟﻮد‬ ‫إﻟﻰ‬ ‫ﺗﻔﺘﻘﺮ‬ ‫ﺗﻨﺎﻓﺴﻴﺔ‬ ‫ﺑﺈﻧﺸﺎء‬ ‫اﻟﺒﺪء‬ ‫وﺗﻤﻜﻴﻦ‬ ‫اﻷﻓﻜﺎر‬ ‫ﻟﻬﺬه‬ ‫اﻻﺳﺘﺜﻤﺎر‬ ‫ﻋﻤﻠﻴﺔ‬ ‫ﺗﻤﻜﻴﻦ‬ ‫ﻫﻮ‬ ‫اﻟﺨﺎﺻﺔ‬ ‫واﺳﺘﺜﻤﺎراﺗﻬﺎ‬ ‫اﻟﺨﺎﺻﺔ‬ ‫اﻟﻤﻠﻜﻴﺔ‬ ‫ﺷﺮﻛﺎت‬ ‫ﻋﻤﻞ‬ ‫ﻃﺒﻴﻌﺔ‬ ‫ﺑﺤﻜﻢ‬ ‫و‬ .‫اﻟﺘﺠﺎري‬ ‫اﻟﻤﺸﺮوع‬ ‫ﺗﻄﻮﻳﺮ‬ ‫ﻓﻲ‬ ‫وﺧﺒﺮة‬ ً ً‫ﻋﻠﻤﺎ‬ ‫أﻛﺜﺮ‬ ‫ﻳﺠﻌﻠﻬﻢ‬ ‫واﻟﻘﻄﺎﻋﺎت‬ ‫اﻟﻤﺸﺎرﻳﻊ‬ ‫ﻣﻦ‬ ‫ﻛﺒﻴﺮ‬ ‫ﻋﺪد‬ ‫ﻓﻲ‬ ‫اﻻﺳﺘﺜﻤﺎر‬ ‫ﻓﻜﺮة‬ ‫وإﻧﺠﺎح‬
  • 4. ‫اﻟﺨﺎﺻﺔ‬ ‫اﻟﻤﻠﻜﻴﺔ‬ ‫ﺷﺮﻛﺎت‬ ‫ﻓﻲ‬ ‫اﻹﺳﺘﺜﻤﺎر‬ ‫ﻓﻲ‬ ‫اﻟﻤﺘﺒﻌﺔ‬ ‫اﻟﺴﻴﺎﺳﺎت‬ ‫اﻟﻨﺎﻣﻲ‬ ‫اﻟﻤﺎل‬ ‫رأس‬ www.maceen.com ,‫اﻟﻨﻀﺞ‬ ‫ﻟﻤﺮﺣﻠﺔ‬ ‫وﺻﻠﺖ‬ ‫اﻟﺘﻲ‬ ‫اﻟﺸﺮﻛﺎت‬ ‫ﺑﺘﻤﻮﻳﻞ‬ ‫اﻟﺴﻴﺎﺳﺔ‬ ‫ﻫﺬه‬ ‫ﺗﺘﺴﻢ‬ ‫ﻗﺎدرة‬ ‫ﻏﻴﺮ‬ ‫ﻟﻜﻨﻬﺎ‬ ‫اﻟﺘﺸﻐﻴﻠﻴﺔ‬ ‫واﻷرﺑﺎح‬ ‫اﻹﻳﺮادات‬ ‫ﺗﻮﻟﻴﺪ‬ ‫ﻋﻠﻰ‬ ‫ﻗﺎدرة‬ ‫وﺗﻜﻮن‬ ‫اﺳﺘﺤﻮاذﻫﺎ‬ ‫أو‬ ,‫ﻛﺒﻴﺮة‬ ‫ﺗﻮﺳﻌﺎت‬ ‫ﻟﺘﻤﻮﻳﻞ‬ ‫ﺳﻴﻮﻟﺔ‬ ‫ﻣﻦ‬ ‫ﻳﻜﻔﻲ‬ ‫ﻣﺎ‬ ‫ﺗﻮﻟﻴﺪ‬ ‫ﻋﻠﻰ‬ ‫إﻋﺎدة‬ ‫إﻟﻰ‬ ‫اﻻﺳﺘﺮاﺗﻴﺠﻴﺔ‬ ‫ﻫﺬه‬ ‫وﺗﻬﺪف‬ .‫اﻻﺳﺘﺜﻤﺎرات‬ ‫ﻣﻦ‬ ‫ﻏﻴﺮﻫﺎ‬ ‫أو‬ ‫ﻣﺎ‬ ‫ﻟﺸﺮﻛﺔ‬ ‫اﻟﻌﻤﻠﻴﺔ‬ ‫ﺣﺪودﻫﺎ‬ ‫ﺧﺎرج‬ ‫اﻟﺘﻮﺳﻊ‬ ‫ﻋﻠﻰ‬ ‫ﻟﺘﺴﺎﻋﺪﻫﺎ‬ ‫وﻣﻴﺰاﻧﻴﺘﻬﺎ‬ ‫اﻟﺸﺮﻛﺔ‬ ‫ﻫﻴﻜﻠﺔ‬
  • 5. ‫اﻟﺨﺎﺻﺔ‬ ‫اﻟﻤﻠﻜﻴﺔ‬ ‫ﺷﺮﻛﺎت‬ ‫ﻓﻲ‬ ‫اﻹﺳﺘﺜﻤﺎر‬ ‫ﻓﻲ‬ ‫اﻟﻤﺘﺒﻌﺔ‬ ‫اﻟﺴﻴﺎﺳﺎت‬ ‫ﻣﻴﺰاﻧﻴﻦ‬ www.maceen.com ‫دون‬ ‫ﻣﻦ‬ ‫إﺿﺎﻓﻲ‬ ‫ﺗﻤﻮﻳﻞ‬ ‫ﻋﻠﻰ‬ ‫اﻟﺤﺼﻮل‬ ‫ﺑﺈﻣﻜﺎﻧﻴﺔ‬ ‫اﻟﺴﻴﺎﺳﺔ‬ ‫ﻫﺬه‬ ‫ﺗﺘﺴﻢ‬ ‫اﻟﺸﺮﻛﺔ‬ ‫اﻟﺘﺰام‬ ‫ﺣﺎل‬ ‫ﻓﻲ‬ ‫ﺑﺎﻟﺸﺮﻛﺔ‬ ‫ﻣﻠﻜﻴﺔ‬ ‫أﺳﻬﻢ‬ ‫ﻋﻠﻰ‬ ‫اﻟﻤﺴﺘﺜﻤﺮ‬ ‫ﺣﺼﻮل‬ ‫ﻓﻴﺤﻖ‬ ‫اﻟﺘﻤﻮﻳﻞ‬ ‫ﻣﺒﻠﻎ‬ ‫ﺑﺘﺴﺪﻳﺪ‬ ‫اﻻﻟﺘﺰام‬ ‫ﻋﺪم‬ ‫ﺣﺎل‬ ‫اﻟﻤﺴﺘﺤﻘﺔ,ﻓﻲ‬ ‫ﺑﺎﻟﺪﻓﻌﺎت‬ .‫اﻟﺘﻤﻮﻳﻞ‬ ‫ﻣﺒﻠﻎ‬ ‫ﻗﻴﻤﺔ‬ ‫ﺣﺴﺐ‬ ‫اﻟﺸﺮﻛﺔ‬ ‫ﻣﻦ‬ ‫ﻧﺴﺒﺔ‬ ‫ﻋﻠﻰ‬ ‫اﻻﺳﺘﺤﻮاذ‬ ‫ﻟﻠﻤﻤﻮل‬ ‫اﻟﺼﻐﻴﺮة‬ ‫ﻟﻠﺸﺮﻛﺎت‬ ‫ﺗﻘﻠﻴﺪﻳﺔ‬ ‫اﻟﻐﻴﺮ‬ ‫اﻟﺘﻤﻮﻳﻠﻴﺔ‬ ‫اﻟﺤﻠﻮل‬ ‫ﻣﻦ‬ ‫اﻷداة‬ ‫ﻫﺬه‬ ‫وﺗﻌﺘﺒﺮ‬ ‫وﻧﺸﺎﻃﺎﺗﻬﺎ‬ ‫ﻋﻤﻠﻴﺎﺗﻬﺎ‬ ‫ﺗﻮﺳﻴﻊ‬ ‫اﻟﻰ‬ ‫ﺗﻬﺪف‬ ‫اﻟﺘﻲ‬ ‫واﻟﻤﺘﻮﺳﻄﺔ‬
  • 6. ‫اﻟﺨﺎﺻﺔ‬ ‫اﻟﻤﻠﻜﻴﺔ‬ ‫ﺷﺮﻛﺎت‬ ‫ﻓﻲ‬ ‫اﻹﺳﺘﺜﻤﺎر‬ ‫ﻓﻲ‬ ‫اﻟﻤﺘﺒﻌﺔ‬ ‫اﻟﺴﻴﺎﺳﺎت‬ ‫اﻻﺳﺘﺤﻮاذ‬ www.maceen.com ‫اﺳﺘﺮاﺗﻴﺠﻴﺔ‬ ‫أو‬ ‫اﻹدارة‬ ‫أو‬ ‫اﻟﻤﻠﻜﻴﺔ‬ ‫ﻓﻲ‬ ‫ﺗﻐﻴﻴﺮ‬ ‫ﺑﺈﺣﺪاث‬ ‫اﻟﺴﻴﺎﺳﺔ‬ ‫ﻫﺬه‬ ‫ﺗﺘﺴﻢ‬ .‫اﻟﺸﺮﻛﺔ‬ ‫اﻟﻤﻠﻜﻴﺔ‬ ‫ﻧﺴﺒﺔ‬ ‫ﻣﻦ‬ ‫أﻏﻠﺒﻴﺔ‬ ‫أو‬ ‫ﻛﺒﻴﺮ‬ ‫ﺟﺰء‬ ‫ﻋﻠﻰ‬ ‫اﻟﺤﺼﻮل‬ ‫ﺧﻼل‬ ‫ﻣﻦ‬ ‫اﻟﺸﺮﻛﺔ‬ ‫ﺗﺒﻘﻰ‬ ‫ﻣﺎ‬ ‫ﻏﺎﻟﺒﺎ‬ ,‫واﻟﻜﺒﻴﺮة‬ ‫اﻟﻨﺎﺿﺠﺔ‬ ‫اﻟﺸﺮﻛﺎت‬ ‫ﻓﻲ‬ ‫ﺗﺤﺼﻞ‬ ‫ﻣﺎ‬ ‫ﻋﺎدة‬ ‫اﻻﺳﺘﺤﻮاذ‬ ‫ﻋﻤﻠﻴﺔ‬ ‫أن‬ ‫إﻻ‬ ،‫اﻟﻤﻌﺘﺎد‬ ‫ﺑﺎﻟﺸﻜﻞ‬ ‫ﺑﻌﻤﻠﻴﺎﺗﻬﺎ‬ ‫وﺗﻘﻮم‬ ‫ﻣﻮﺟﻮدة‬ ‫ﻋﻠﻴﻬﺎ‬ ‫اﻟﻤﺴﺘﺤﻮذ‬ ‫اﻟﺸﺮﻛﺔ‬ ‫اﻻﺳﺘﺤﻮاذ‬ ‫ﻳﻜﻮن‬ ‫ﺣﻴﺚ‬ ‫اﻟﻤﺴﺘﺤﻮذة‬ ‫اﻟﺸﺮﻛﺔ‬ ‫ﻣﺴﺎﻫﻤﻲ‬ ‫إﻟﻰ‬ ‫ﺗﻨﺘﻘﻞ‬ ‫أﺳﻬﻤﻬﺎ‬ ‫ﻣﻠﻜﻴﺔ‬ ‫اﻟﺸﺮﻛﺔ‬ ‫أﺳﻬﻢ‬ ‫ﻣﻦ‬ ‫اﻷﻛﺒﺮ‬ ‫اﻟﺤﺼﺔ‬ ‫ﺑﺎﻣﺘﻼك‬ ‫ﺟﺰﺋﻴﺎ‬ ‫أو‬ ‫اﻟﺸﺮﻛﺔ‬ ‫أﺻﻮل‬ ‫ﻛﺎﻓﺔ‬ ‫ﺑﺸﺮاء‬ ً‫ﻛﻠﻴﺎ‬ ‫إﻣﺎ‬
  • 7. www.maceen.com ‫اﻟﺨﺎﺻﺔ‬ ‫اﻟﻤﻠﻜﻴﺔ‬ ‫ﺷﺮﻛﺎت‬ ‫ﻓﻲ‬ ‫اﻹﺳﺘﺜﻤﺎر‬ ‫ﻓﻲ‬ ‫اﻟﻤﺘﺒﻌﺔ‬ ‫اﻟﺴﻴﺎﺳﺎت‬ ‫آﺧﺮى‬ ‫ﺣﺎﻻت‬ ‫واﺣﺪا‬ ‫ﻣﺜﺎﻻ‬ ‫إﻻ‬ ‫اﻟﺨﺎﺻﺔ‬ ‫اﻟﻤﻠﻜﻴﺔ‬ ‫ﺻﻨﺎدﻳﻖ‬ ‫ﻓﻲ‬ ‫اﻟﺴﻴﺎﺳﺎت‬ ‫ﺗﺘﻌﺪد‬ ‫اﻟﻤﻠﻜﻴﺔ‬ ‫ﺻﻨﺎدﻳﻖ‬ ‫ﺑﻴﻊ‬ ‫وﻫﻲ‬ ,‫اﻟﺜﺎﻧﻮﻳﺔ‬ ‫اﻟﺼﻨﺎدﻳﻖ‬ ‫ﺗﻤﻮﻳﻞ‬ ‫وﻫﻮ‬ ‫ﺗﻤﻨﺢ‬ ‫اﻻﺳﺘﺜﻤﺎرات‬ ‫ﻫﺬه‬ ,‫ﻣﺎﻟﻲ‬ ‫ﻣﺴﺘﺜﻤﺮ‬ ‫أو‬ ‫آﺧﺮ‬ ‫ﺷﺮﻳﻚ‬ ‫إﻟﻰ‬ ‫اﻟﺨﺎﺻﺔ‬ ‫ﻟﻠﺘﺨﺎرج‬ ‫اﻟﻤﻄﻠﻮﺑﺔ‬ ‫اﻟﺴﻴﻮﻟﺔ‬ ‫ﻣﻨﺢ‬ ‫ﻟﻠﻤﺴﺘﺜﻤﺮﻣﻊ‬ ‫أﺳﺮع‬ ‫ﻋﻮاﺋﺪ‬ ‫ﺑﺎﻟﺴﻌﻲ‬ ‫وﺗﻌﺮف‬ ‫اﻟﻤﺘﻌﺜﺮة‬ ‫اﻟﺪﻳﻮن‬ ‫ﺻﻨﺎدﻳﻖ‬ ‫ﻫﻮ‬ ‫آﺧﺮ‬ ‫ﻣﺜﺎل‬ ‫اﻟﺪﻳﻮن‬ ‫ﺷﺮاء‬ ‫ﺧﻼل‬ ‫ﻣﻦ‬ ‫اﻟﺸﺮﻛﺔ‬ ‫ﻓﻲ‬ ‫ﺣﺼﺺ‬ ‫ﻋﻠﻰ‬ ‫ﻟﻠﺤﺼﻮل‬ ‫ﺗﻨﻈﻴﻢ‬ ‫إﻋﺎدة‬ ‫ﺧﻼل‬ ‫ﻣﻦ‬ ‫اﻟﺮﺑﺢ‬ ‫ﺗﺤﻘﻴﻖ‬ ‫ﺑﻬﺪف‬ ‫ﻟﻠﺸﺮﻛﺔ‬ ‫اﻟﻤﺘﻌﺜﺮة‬ .‫اﻟﻌﻤﻮﻣﻴﺔ‬ ‫واﻟﻤﻴﺰاﻧﻴﺔ‬ ‫اﻟﺸﺮﻛﺔ‬ ‫ﻋﻤﻠﻴﺎت‬