| 15 Mar 2010 |
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KAMCO announces the listing of Manafae Investment Company's Shares on the Kuwait Stock Exchange
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Kuwait City: KIPCO Asset Management CompanyKIPCO Asset Management Company
- KAMCOKAMCO - announces today the listing of the shares of Manafae Investment CompanyManafae Investment Company K.S.C. (Closed) on the Kuwait Stock ExchangeKuwait Stock Exchange. Trading of the shares will begin as of Tuesday 16th March 2010 under the investment category, and trading under the name of "ManafaeManafae".On this occasion, KAMCOKAMCO CEO, Sadoun Ali announced after welcoming the attendees at the listing's press conference, "I express my gratitude to the management at the Kuwait Stock ExchangeKuwait Stock Exchange (KSEKSE) for their full cooperation to complete the listing formalities of Manafae Investment CompanyManafae Investment Company "ManafaeManafae" on KSEKSE. This will no doubt improve the company's financial standing and support the Islamic investment sector as a whole. In addition, I would also like to thank the board of directors and the investors of ManafaeManafae for their trust and for choosing KAMCOKAMCO to be their listing advisor."
Mr. Ali later added, ManafaeManafae is a closed Kuwaiti Shareholding Company, established on October 5th 2005 with a fully paid capital of KD 20 million according to Kuwaiti Commercial Law, and under the jurisdiction of the Central Bank of Kuwait. Furthermore, the company's activities are completely Sharia-compliant and are supervised by a Sharia council nominated by the General Assembly.
The authorized paid up capital of the company is equivalent to 200,881,430 shares at a value of 100 Kuwaiti fils per share, which comprises a total value of KD 2,088,143 as of 30th September 2009.
Mr. Eid Hathaal Al Nasafi, Chairman of Manafae, said, "It pleases me to welcome you to this press conference which is for the listing of our company on KSEKSE
. We hope that this important step will be a catalyst in realizing the goals of our investors, and in revitalizing the activities of our company."Mr. Talal Al Mutawa, Vice Chairman of Manafae, later added, "Our company has followed a strategy of increasing its assets and the assets under management, and of diversifying the
sources of income both in the Kuwaiti and GCC markets since 2006. In addition, we pursue a policy of risk management and aversion.
Our company has invested in many sectors, both directly and indirectly. This has reflected positively on our financial performance and strength, especially in 2007 and 2008, and all of this despite the ingoing financial crisis which began in mid 2008. This was thanks to the company's strong financial position and by the grace of God.
The company's financial results for 2008 are not as good as 2007, where the profit stood at KD 1.56 million, however the shareholders equity stood at 26.7 million which is an increase of 4.7% compared to 2007.
The company's total revenue was KD3.95 million for 2008 and KD1.46 million for the period ending 30th September 2009. In addition, the earnings profits for the same period were KD 1.56 million, and KD53, 899 for the term ending September 30th, 2009. The book value amounts to 133 fils per share for 2008, and 131 fils for the period ending September 30th 2009. The earnings per share for 2008 stand at 7.8 fils and 0.3 fils for the period ending September 30th 2009, keeping in mind that the company distributed dividends to its investors in the past totaling 10 fils per share for 2007 and 5 fils per share for 2008.
In terms of the company's strategy for the next three years m we will be focusing on improving its financial position, and in diversifying the sources of income, and in seizing investment opportunities in these hard times. This will be complemented by the company's skilled workforce, in cooperation with our business partners and board members. We will want to capitalize on the solid reputation we have built, and by implementing effective risk management and aversion policies. These steps will help us achieve the goals we set ourselves."
Mr. Faisal Sarkhou, Head of the Corporate Finance Department at KAMCO, said, "First of all, I would like to thank the team at KAMCOKAMCO for the success of ManafaeManafae's listing transaction. On behalf of the team at KAMCOKAMCO, I would like to express my pride in being chosen to undertake this transaction, especially since this indirectly supports the investment sector in improving commercial activity which contributes to economic development locally and regionally. KAMCOKAMCO is known as one of the more prominent investment companies locally and regionally, where it has provided advisory services in 64 transactions, of which 14 were listings on KSEKSE. KAMCOKAMCO has achieved an annual return of 37.2% from its role as issue manager and advisor in placements and listings, compared to the KSEKSE total annual return which amounts to 7.8%.
From those placements, KAMCOKAMCO realized a total return of 245.4% compared to a KSEKSE total return which amounts to 51.7%."
To conclude, Mr. Ali expressed his gratitude on behalf of KAMCOKAMCO and ManafaeManafae for their effort, and wishes them luck and success.
-Ends-
About KAMCOKAMCO:
Established in 1998 with the mission to significantly alter the local and regional investment landscape, KAMCOKAMCO is a premier asset management, investment banking and financial services company based in Kuwait. A subsidiary of United Gulf Bank (UGB) - the investment banking subsidiary of Kuwait Projects (Holding) Company (KIPCO) - KAMCOKAMCO was listed on the Kuwait Stock ExchangeKuwait Stock Exchange (KSEKSE) in 2003.
After eleven years of conducting business in Kuwait's dynamic investment industry, KAMCOKAMCO has successfully established a robust reputation for solidity, characterized by its prudent, conservative investment philosophy which has consistently commanded the goodwill of a wide patron-base.
KAMCOKAMCO's Asset Management Division specializes in customized portfolio management, forward trading, access to IPOs, and local and international fund management supported by its superlative Investment Advisory and Investment Research business verticals. The Company's Financial Services Division offers a full range of advisory services on mergers and acquisitions (M&As), underwriting, private placements, debt issuance and restructuring, and private equity management.
In 2010, the Company will further aggressively build upon its core competencies to offer MENA-wide investment management consultancy and services, backed by its proven track-record in stringent risk mitigation, investment product innovation, and a cautious investment approach towards local, regional and international capital markets.
© Press Release 2010
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