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Tue 17 Sep 2019 02:59 PM

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Shareholders back proposed merger between Kuwait's Kamco, Global

Kamco Investment Company says shareholders have approved all matters related to a draft merger contract between it and Global Investment House

Shareholders back proposed merger between Kuwait's Kamco, Global
Kamco acquired 70 percent acquisition of Global from NCH Ventures last September.

Kamco Investment Company on Tuesday announced that its shareholders have approved all matters related to a draft merger contract between the company and Global Investment House.

The approval came at Kamco's extraordinary general assembly meeting when shareholders approved the reduction of Kamco's issued and paid up share capital from KD26.3 million to KD23.7 million.

In July, Kamco and Global, two firms operating in the Kuwaiti asset management and investment banking industry, secured regulatory approval for a proposed merger.

The companies said they have received the Capital Markets Authority’s approval on the draft merger contract in which Kamco will be the merging company and Global the merged company.

Once successfully concluded, the merger will position the combined entity as one of the largest investment companies in the region in terms of assets under management totaling about $14 billion.

The merger is categorised as the largest of its kind in Kuwait’s investment scene.

Kamco acquired 70 percent acquisition of Global from NCH Ventures last September and since the acquisition, both companies have engaged in an extensive integration exercise.

The companies said the combined entity will serve thousands of clients from seven local offices.

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