Kuwait: Kamco Invest, a regional non-banking financial powerhouse, acted as the Partial Purchase Offer Manager to Qurain Petrochemical Industries Company (QPIC) in purchasing a 9% stake in Advanced Technology Company’s (ATC). This transaction marks the first acquisition by way of Partial Purchase Offer completed in Kuwait pursuant Module 9 (Merger and Acquisition) of the Executive Bylaws of Law No. 7 of 2010 regarding the establishment of the Capital Markets Authority (CMA) and its Executive Bylaws, as amended.
This Partial Purchase Offer is in line with QPIC’s strategy to diversify its investments, while simultaneously focusing on the healthcare sector as one of the defensive sectors. The transaction involved QPIC offering the shareholders of ATC the purchase of 13.5 million shares, representing 9.0% of the share capital of the company, at a price of 500 fils per share.
Abdullah M. AlSharekh, Managing Director of Markets and Investment Banking at Kamco Invest, said, “This marks the first Partial Purchase Offer transaction in Kuwait, following the recent amendments on the Executive Bylaws concerning partial purchase transactions. The amendments now permit shareholders to purchase additional stake in the company by a minimum of 5% to increase their holdings to reach between 30% to 50% of the company’s capital. Through its role, Kamco Invest contributed to the seamless and successful execution of the Partial Purchase pursuant to the guidelines and timeline stipulated by the regulatory authorities.”
Mohamed Sherif El-Rafie, Executive Director of Equity Capital Markets at Kamco Invest, said, “This transaction is a testament to the commitment we uphold to provide our clients with innovative and custom-tailored solutions that aid them in achieving their financial and strategic goals. The success of this transaction would not have been possible without the continuous support of Boursa Kuwait and Kuwait Clearing Company, the oversight of the Capital Markets Authority, as well as the cooperation of all parties involved including the legal advisor Al-Hossam Legal – Al-Turqi & Partners Legal Consultants & Attorneys.
Completing this transaction raises Kamco Invest’s total investment banking mandates to reach a cumulative value of over USD29.7bn since inception; across equity capital markets, debt capital markets and mergers & acquisitions. The Investment Banking team advised on deals in Kuwait, Egypt, United Arab of Emirates, Saudi Arabia, Oman, Jordan, and Bahrain.
About Kamco Invest:
Kamco Investment Company K.S.C (Public) “Kamco Invest” is a regional non-banking financial powerhouse headquartered in Kuwait with offices in key regional financial markets, established in 1998 and listed on Boursa Kuwait in 2003. It is an Independently managed subsidiary of KIPCO Group adopting highest standards of corporate governance and regulated by the Capital Markets Authority and Central Bank of Kuwait.
Kamco Invest has over USD 16bn of assets under management as of 31 March 2022 allocated to various asset classes and jurisdictions, making it one of the largest asset managers in the MENA region. It has acted as investment banker to deals exceeding USD 29.2bn from its inception to 31 March 2022 in equity capital markets, debt capital markets and mergers & acquisitions. For more information visit www.kamcoinvest.com.