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KAMCO successfully completes purchase of major stake in Global
September 24, 2018, 9:08 am

KAMCO Investment Company (KAMCO), a leading investment company with one of the largest AUMs in the region, announced that it has completed the previously announced purchase of 396,426,434 shares in Global Investment House (Global).

KAMCO has successfully concluded the purchase after receiving all required approvals from the CMA Kuwait and other appropriate regulatory authorities, Chief Executive Officer of KAMCO Faisal Mansour Sarkhou said Sunday.

This purchase of the stake in the parent entity extends control over Globalآ‘s existing investment products and services, managed real estate, asset management business, Globalآ‘s brokerage subsidiary and physical infrastructure in Kuwait, as well as Globalآ‘s international offices in the UAE, Saudi Arabia, Bahrain, Egypt, Jordan and Turkey, he added. Sarkhou, added that KAMCO and Global have a combined four decades worth of experience in the investment sector and are considered key players in the local and regional investment communities.

"Completing this transaction is a great milestone for us as it validates all our hard work over the past few months. We are pleased by the successful outcome and would like to thank our valued clients and stakeholders as this historic moment for KAMCO would not be possible without them. We also extend our gratitude and appreciation towards the collaborative efforts of all those who were involved in making this transaction a seamless and successful one," he noted.

"We would like to thank the current and previous board of directors of Global for steering it into recovery following its reorganization a number of years ago, our advisory team Alvarez & Marsal, as the integration advisor for the acquisition, and Freshfields Bruckhaus Deringer LLP as our legal adviser", he said.

He also said, "The last two decades witnessed massive shifts in the financial industry. Throughout this time, we have been tuning the dials to adjust to market conditions while grasping fresh opportunities and adapting valuable insights.

KAMCO remains dedicated to enhancing and building upon its innovative investment strategy to cater to our corporate and individual clients, as we plan to offer a wider array of quality investment products and expand our range of financial services", he concluded.

Source: KUNA

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