Jan 17 2008 |
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Kuwait: Kamco completes Raya issue
KUWAIT : KIPCO Asset Management Company (KAMCO) announced the finalization of the private placement for AlRaya Investment Company -- Kuwaiti Shareholding Company "Closed" (under establishment), with KAMCO acting as Issue Manager. Due to the Intensive demand by individuals, institution and companies subscribing to the shares of AlRaya Investment Company, the company's capital was substantially oversubscribed, which reflects the investors' confidence in the founders' strategy and vision, particularly that the company targets a market that has not met so far due interest and attention from the regional Islamic institutions, which would help the company benefit from its position as a pioneer in this area. "The high demand on subscription confirms the subscribers' confidence in the objectives adopted by AlRaya Company through introducing a selected package of Islamic Shari'a-compliant products and services, and investing them internationally." Said Masaud Mahmoud Jawhar Hayat, KAMCO Chairman."AlRaya will focus on Islamic asset management in global markets, in addition to investment in all successful Islamic capital market activities throughout GCC and Middle East regions." He added. In this context, Hazem Al-Braikan, Chairman of the Founders' Committee of AlRaya Company, stated that AlRaya increased it capital from KD 17 million to KD 25 million during the subscription period, following completion of all necessary formalities and obtaining the approval of all competent authorities.
Increase
The decision to increase the company's capital was adopted as a result of to the plan take advantage of the distinct investment opportunities available in the rapidly growing Islamic financial services sector, and in response to the company's tendency to expand its activity base, once established, especially that the company is in the process of studying several lucrative investments, in addition to increasing demand on subscription by investors within and outside Kuwait, as
KAMCO
(Issue Manager) sensed such demand during the subscription period. As a result, the company's capital is increased to KD 25 million, divided into 250 million shares, of 105 Kuwaiti Fils per share (including 5 Kuwaiti Fils as subscription fees).
Pioneer
KAMCO
is a pioneer in investment. Since 1998, It has been providing its customers with innovative solutions. It is a subsidiary of
Kuwait Projects Holding Group of Companies (KIPCO)
, with assets under management or control totaling KD 1.7 billion, comprising around 750 institutional and individual investors served by over 112 employees.
KAMCO
was listed on Kuwait Stock Exchange (KSE) in 2003, where the company allows its customers easy access to local and global capital markets, in addition to a comprehensive and integrated range of financial services.
© Arab Times 2008
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