KAMCO shareholders approve draft merger contract and capital increase in shares allocated to Global shareholders

As set out in the Amalgamation agreement between KAMCO and Global, KAMCO shall be the merging company and Global the merged

  
KAMCO shareholders approve draft merger contract and capital increase in shares allocated to Global shareholders

Kuwait City: KAMCO Investment Company (“KAMCO”), a leading investment company with one of the largest AUMs in the region, announced that its shareholders have approved all matters pertaining to the draft merger contract between KAMCO and Global Investment House (“Global”) during the Extraordinary General Assembly Meeting of the shareholders of KAMCO, subject to the approval of the Capital Markets Authority (“CMA”). As set out in the Amalgamation agreement between KAMCO and Global, KAMCO shall be the merging company and Global the merged.

The shareholders approved the reduction of KAMCO's issued and paid up share capital from KWD 26.3 million to KWD 23.7 million through utilizing the value of the treasury shares.

All resolutions we agreed upon by KAMCO shareholders including the scheme of amalgamation between KAMCO and Global, as well as the increase of KAMCO’s issued paid up capital by KWD 10.5 million to become KWD 34.2 million, representing Global net assets not owned by KAMCO to be assigned for Global's shareholders upon waiver of KAMCO's current shareholders of their preemptive right in such 104.9 million new shares at a swap ratio of 0.75522821 share in KAMCO stock for every share in Global.

Ends

KAMCO Investment Company K.S.C (Public) is a premier investment company based in Kuwait. The Company is one of the leading investment providers in the Gulf region in terms of assets under management (AUM) and is regulated by the Capital Markets Authority.

Established in 1998 and listed on the Boursa Kuwait in 2003, KAMCO is a subsidiary of United Gulf Bank (UGB). In 2018, KAMCO acquired a majority stake of 69.528% in Global Investment House K.S.C.C. (“Global”).

The Company has established itself as a regional leader in providing innovative products and services to its clients, enabling it to increase AUM to over USD 13.7 billion (as of 30 June 2019) and achieve a strong track record of 142 successful investment banking transactions worth around USD 21.0 billion (as of 30 June 2019).

With almost two decades worth of experience in conducting business with in investment industry, KAMCO has successfully established a robust reputation in the region, driven by its performance, prudent and conservative investment philosophy, solid business model and fundamental belief in implementing the highest standards of transparency, which has consistently commanded the goodwill of a wide and growing patron-base.

Through its strategy, the Company aims to continue building upon its core competencies to provide the MENA region with innovative investment management consultancy and services, in addition to financial services that meet the needs of clients through value-added investment products and a cautious investment approach that is supported by an experienced team and strong track record.

KAMCO Investment Company (DIFC) Limited (KAMCO DIFC) is a wholly owned subsidiary of KAMCO Investment Company, incorporated in the Dubai International Financial Centre and regulated by the Dubai Financial Services Authority. 

Further information:                            
Amr Hassan                  
Assistant Vice President of the Marketing Department and
Investor Relations Officer
Marketing Department
T: +965 2233 6697
M: +965 9729 9217
Amr.Hassan@kamconline.com 

© Press Release 2019

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