Kuwait: - Global Investment House (Global), a subsidiary of KAMCO Investment Company, announced today that it has distributed USD12 million to its clients investing in its private equity fund, Global Opportunistic Fund I.
This is the 15th distribution of the fund and is the result of a successful exit and collective cash dividends from Future Kid, and a capital reduction from Gulf Healthcare International (GHI). In February 2019, the fund fully exited from Future Kid achieving a total return of 35% above the company’s value on the fund’s extension date in 2012. The new strategy adopted by Future Kid in 2011 has improved the company’s performance and resulted in a cash distribution worth USD22 million.
During Q3 2019, Gulf Healthcare International, one of the fund’s portfolio companies conducted a second share buyback transaction for the shareholders on a pro rata basis,
Ihsan Sancay, Head of Alternative Asset Management commented: “We continue to deliver our commitments to our clients. We had put in tremendous efforts to build the value in these assets and accessing the right buyers by working closely with the management and other shareholders. We are proud that the private equity funds managed by Global have been consistent in value creation and portfolio exits, which paved the way for constant cash distributions to our clients.”
Ahmed Abdallah, co fund manager of GOF 1 said: “Through an effective involvement and value creation strategies, we were able to grow the portfolio companies and improve operational profitability. With the support and guidance of the board of directors and the management team of Future Kid, we were able to turnaround the company resulting in operational growth and improved financial performance.”
With this distribution, the total amount distributed to clients investing in GOF I reached USD223 million from 25 exits in addition to cash dividends and capital reductions. Private Equity funds managed by Global, which distributed around USD750 million to its investors since inception, have undergone a successful operational turnaround in many of their key investments which had put most of the portfolio companies back on positive growth trajectory. The Private Equity Team has managed 52 exits since inception.
-Ends-
For further information:
Moustafa Zantout
Senior Vice President
Marketing & Communications
Global Investment House
Tel: +965 2295 1615
Fax: +965 2295 1638
E-mail: mzantout@global.com.kw
Disclaimer: The contents of this press release was provided from an external third party provider. This website is not responsible for, and does not control, such external content. This content is provided on an “as is” and “as available” basis and has not been edited in any way. Neither this website nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this press release.
The press release is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Neither this website nor our affiliates shall be liable for any errors or inaccuracies in the content, or for any actions taken by you in reliance thereon. You expressly agree that your use of the information within this article is at your sole risk.
To the fullest extent permitted by applicable law, this website, its parent company, its subsidiaries, its affiliates and the respective shareholders, directors, officers, employees, agents, advertisers, content providers and licensors will not be liable (jointly or severally) to you for any direct, indirect, consequential, special, incidental, punitive or exemplary damages, including without limitation, lost profits, lost savings and lost revenues, whether in negligence, tort, contract or any other theory of liability, even if the parties have been advised of the possibility or could have foreseen any such damages.
