Leading Kuwaiti businessman Mohammad Charchafchi has acquired a 5 per cent stake in Gulf Cable & Electrical Industries Company for $18 million from Al Khair Global through an off-market trade in Boursa Kuwait, said a report.
With this move, he has become a major shareholder and strategic partner to Gulf Cable’s leading investor – Bader Nasser Al Kharafi, reported Kuwait Times.
Charchafchi is a prominent businessman hailing from a well-reputed Iraqi family with a history in the trading and contracting business and building warehouses.
He is also the chairman of the Credit Bank of Iraq and March Holding, a DIFC based company that is a parent of more than 15 companies in the region, operating mainly in Iraq in different industries ranging from telecommunications, technology and food and beverage.
Following the stake buy, Charchafchi will have a pivotal role in developing the company’s international presence due to his experience and relationships in the industrial space, including Iraq, said the report.
"The investment was a result of a comprehensive study of all aspects of the Kuwaiti market, and the main rationale for selecting to invest in Gulf Cable was his utmost confidence in Al Kharafi’s management and strategic vision," stated the businessman.
This acquisition in Gulf Cable will be the basis for additional key investments in Kuwait and neighbouring markets, he added.
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