DUBAI, 23 September 2007 -- Ithmar Capital has successfully completed the acquisition of the entire new share issue of Kuwait's Mushrif Trading & Contracting Company (MTCC), a leading GCC construction firm. Under the agreement, Ithmar Capital's UAE affiliate Gulf Consortium 2 has acquired 30 million shares at a cost of approximately AED355 million (approximately $97 million).
The use of the proceeds will allow Mushrif to further expand its business into the UAE market through acquiring major UAE construction businesses. Under a management and shareholding agreement between the two, Ithmar Capital/Gulf Consortium 2 now holds three seats on the MTCC board of directors. The deal was signed at a meeting held at KAMCO (KIPCO Asset Management Company) offices in Kuwait by Khaldoun Haj Hassan, co-founder and managing partner, Ithmar Capital and Fahed Al Wazzan, chairman of MTCC.
© Arab News 2007
