Proceeds from Al Jazeera Steel transaction expected to be distributed to clients during Q2
Kuwait-based Global Capital Management (GCM) has concluded a successful exit of its controlling stake in Al Jazeera Steel Products Company, a Omani company listed on Muscat Securities Market.
The transaction was made with Sheikh Suhail Bahwan and Sheikha Amal Suhail Bahwan, chairman and vice chairperson of Suhail Bahwan Group.
Sulaiman Mohammed Al-Rubaie, deputy CEO of Global Investment House and managing partner of GCM said: "We are extremely delighted to have completed this exit and provide our investors with liquidity in such challenging geopolitical and economic environment. We expect to distribute the proceeds from this transaction to clients investing in the fund within the second quarter of 2018".
The fund acquired 51 percent stake of Jazeera Steel in 2007 and the management team of GCM implemented a growth program for the company. The program focused on enhancing its penetration in regional and international markets namely Saudi Arabia and North America.
During the past five years, Jazeera Steel managed to maintain its growth trajectory despite tough financial and economic times, Al-Rubaie said.
He added: "We are confident that the commitment, track record and expertise of the acquirers will provide Jazeera Steel with the required support and guidance to further grow the company."
The Global team said it has concluded 33 exits, the highest among all private equity firms in the region, and distributed more than $360 million to its clients, raising the total distributions since inception to more than $580 million.For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.