Kuwait City: KAMCO Investment Company (“KAMCO”) and Global Investment House (“Global”), two leading companies in asset management, investment banking and brokerage, announced that they have received the Capital Markets Authority’s (“CMA”) approval on the draft merger contract pertaining to the merger by amalgamation in which KAMCO will be the merging company and Global the merged company.
Once successfully concluded, the merger will well position the combined entity to become one of the largest investment companies in the region in terms of assets under management totaling approximately USD 14 billion across various asset classes and jurisdictions, with investment banking credentials exceeding USD 21 billion across equity & debt capital markets and mergers & acquisitions.
KAMCO and Global will accumulate two decades worth of track record, knowledge and expertise, becoming a regional non-banking financial services powerhouse with one of the most diversified offerings spanning asset management, investment banking and brokerage. The merger is categorized as the largest of its kind in Kuwait’s investment scene and will offer access to an array of best-in-class local, regional and international financial products and services.
Given that both companies are Kuwait-based, the merger is a natural progression to KAMCO’s 70% acquisition of Global from NCH Ventures last September and is in line with its strategy to strengthen the expertise within its field and add to its overall market reach in the region. Since the acquisition, both companies have engaged in an extensive integration exercise involving soliciting feedback from various stakeholders including clients, shareholders and respective teams.
On this occasion, KAMCO and Global would like to express their appreciation to the CMA and other regulatory authorities for their cooperation and support throughout this process to reach this critical stage, as they move closer towards concluding this transaction. They would also like to thank their shareholders and clients for the trust and support they have in both companies, as well as both KAMCO and Global’s executive management and staff for their dedication and commitment throughout this process.
Moving forward, the draft merger contract approved by the CMA along with its attachments, which includes the fairness of opinion report submitted by the independent investment advisor and the Asset Valuation report prepared by the independent asset valuator will be available for shareholders of both companies to review. KAMCO and Global will then call for Extraordinary General Meetings to obtain their shareholders’ approvals to complete the merger.
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About KAMCO
KAMCO Investment Company K.S.C (Public) is a premier investment company based in Kuwait. The Company is one of the leading investment providers in the Gulf region in terms of assets under management (AUM) and is regulated by the Capital Markets Authority.
Established in 1998 and listed on the Boursa Kuwait in 2003, KAMCO is a subsidiary of United Gulf Bank (UGB). In 2018, KAMCO acquired a majority stake of 69.528% in Global Investment House K.S.C.C. (“Global”).
The Company has established itself as a regional leader in providing innovative products and services to its clients, enabling it to increase AUM to over USD 13.8 billion (as of 31 March 2019) and achieve a strong track record of 141 successful investment banking transactions worth around USD20.4 billion (as of 31 March 2019).
With almost two decades worth of experience in conducting business with in investment industry, KAMCO has successfully established a robust reputation in the region, driven by its performance, prudent and conservative investment philosophy, solid business model and fundamental belief in implementing the highest standards of transparency, which has consistently commanded the goodwill of a wide and growing patron-base.
Through its strategy, the Company aims to continue building upon its core competencies to provide the MENA region with innovative investment management consultancy and services, in addition to financial services that meet the needs of clients through value-added investment products and a cautious investment approach that is supported by an experienced team and strong track record.
KAMCO Investment Company (DIFC) Limited (KAMCO DIFC) is a wholly owned subsidiary of KAMCO Investment Company, incorporated in the Dubai International Financial Centre and regulated by the Dubai Financial Services Authority.
About Global
Global Investment House (Global) is a regional asset management and investment banking firm headquartered in Kuwait, with offices in major capital markets in the MENA region. It provides a comprehensive range of investment products & services with a client driven approach, regional expertise & footprints and cross border offerings. It enjoys a proven track record of introducing innovative products since its establishment in 1998. It manages USD2.9bn on behalf of clients in various asset classes, strategies and markets
Further information:
Moustafa Zantout
Senior Vice President
Marketing & Investor Relations
Global Investment House
T: (965) 2295 1615
mzantout@global.com.kw
Amr Hassan
Assistant Vice President of the Marketing Department and Investor Relations Officer
Marketing Department
KAMCO Investment Company
T: (965) 2233 6697
M: (965) 9729 9217
Amr.Hassan@kamconline.com
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