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).
The shares are equivalent to a 69.528 per cent stake, from NCH Ventures S.P.C (NCH), a Bahrain domiciled entity representing the interests of more than 50 financial institutions.
“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. 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,” said Chief Executive Officer of KAMCO, Faisal Mansour Sarkhou.
KAMCO has successfully concluded the purchase after receiving all required approvals from the CMA Kuwait and other appropriate regulatory authorities. This purchase of the stake in the parent entity extends control over Global’s existing investment products and services, managed real estate, asset management business, Global’s brokerage subsidiary and physical infrastructure in Kuwait, as well as Global’s international offices in the UAE, Saudi Arabia, Bahrain, Egypt, Jordan and Turkey.
He added that the last two decades witnessed massive shifts in the financial industry. Throughout this time, the the dials have been tuned 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. This transaction will further advance KAMCO’s technological platforms and capabilities, while developing our workforce through a core competency framework, giving us a competitive advantage in the local and regional market. We believe that this step will strengthen our position as a leading investment firm while providing our clients with the best guidance and resources to help them invest their money smarter, more efficiently, and within the most suitable asset classes to meet their long-term investment goals.”