KAMCO Investment Company has signed an agreement with NCH Ventures, a Bahrain-domiciled entity, to acquired a majority stake in Global Investment House.
Under the deal, KAMCO will acquire 396,426,434 shares amounting to a 69.528 percent stake after due diligence and requisite formalities are completed, a statement said.
KAMCO said signing the agreement is the first step towards completing the acquisition of the majority stake, adding that the deal includes Global’s headquarters located in Kuwait, in addition to the firm’s offices in the UAE, Saudi Arabia, Bahrain, Egypt, Jordan and Turkey.
KAMCO CEO Faisal Mansour Sarkhou said: “Signing this agreement is an important step in the acquisition process of what will be one of the largest acquisitions of its kind in the recent history of Kuwait’s investment sector and the region. We believe that this acquisition further solidifies our role in the market and demonstrates the scalability of our long-term business model.”
He added: "By combining the experience and expertise of both firms, we will evolve into a larger entity that can competitively operate on a global scale, capable of delivering more efficient results to the trusted shareholders and loyal clients from both sides."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.
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