Investcorp to take 35% stake in Kuwait car leasing firm

  • Share via facebook
  • Tweet this
  • Bookmark and Share
Bahrain-based Investcorp acquired a 35 percent stake in Kuwait's car leasing and rental firm Automak Automotive Company.

Bahrain-based Investcorp acquired a 35 percent stake in Kuwait's car leasing and rental firm Automak Automotive Company.

Bahrain-based Investcorp acquired a 35 percent stake in Kuwait's car leasing and rental firm Automak Automotive Company, marking the alternative asset manager's sixth investment through its US$1bn Gulf Opportunity Fund.

Investcorp did not give financial details of the transaction but said in a statement on Sunday that the deal will be done through a capital injection.

Co-founded in 2002 by Al Kharafi Projects Company, Automak has over 15 percent market share in Kuwait, operating a fleet of more than 4,500 vehicles and provides rental, car leasing and distribution services.

The deal comes two months after Investcorp acquired a 30 percent stake in Turkey's menswear retailer Orka Group. Other investments in the fund include stakes in Kuwaiti Gulf Cryo, Saudi L'azurde and Turkish Tiryaki Agro.

The Gulf Opportunity Fund earlier this year exited from its first investment in UAE-based Redington Gulf.

Investcorp, which previously took luxury brands Gucci and Tiffany & Co public, had US$11.5bn in assets under management as at June 30, 2012.

Related:
Join the Discussion

Disclaimer:The view expressed here by our readers are not necessarily shared by Arabian Business, its employees, sponsors or its advertisers.

Please post responsibly. Commenter Rules

  • No comments yet, be the first!

Enter the words above: Enter the numbers you hear:

All comments are subject to approval before appearing

Further reading

Features & Analysis
Women edge into Gulf boardrooms as economies, societies shift

Women edge into Gulf boardrooms as economies, societies shift

Amina al-Rustamani, CEO of TECOM Investments, is leading the...

2
Dubai mulls rule change to lure more domiciled funds

Dubai mulls rule change to lure more domiciled funds

Proposed rules would create a new class of funds in the Dubai...

Gulf's rift over Qatar may slow investment, reforms

Gulf's rift over Qatar may slow investment, reforms

Analysts suggest dispute may not hurt immediately but could impact...

Most Discussed