Business | General
GIC and Global to acquire 32.95 per cent stake in Alumco
Gulf Investment Corporation (GIC) and Global Investment House (Global) of Kuwait will acquire 24.46 per cent and 8.49 per cent equity stakes respectively, in UAE's Alumco LLC.
- Staff Report
- Published: 18:12 April 26, 2008
Dubai: Gulf Investment Corporation (GIC) and Global Investment House (Global) of Kuwait will acquire 24.46 per cent and 8.49 per cent equity stakes respectively, in UAE's Alumco LLC.
Alumco is a specialised aluminum façade manufacturer and major glass facade processor. "This investment is a major shot in the arm as it will further enhance Alumco's growth and will give us massive expansion possibilities. Now with this investment and continued support from our strong financial partners Gulf Investment Corporation and Global Investment House, we aim to position ourselves to become the No.1 aluminum and glass facade manufacturing company in the Gulf," said Samer Barakat, Managing Director, Alumco.
"We see this investment as a launch pad for the company's further growth into the regional markets. The investment in Alumco's equity fits with our strategy of growing in the GCC region's manufacturing sector by partnering with the private sector," said Hisham Al Razzuqi, CEO of Gulf Investment Corporation (GIC)
GIC is a leading investment firm with primary focus on the Gulf region and has assets under management of over $9 billion. It is equally owned by the six GCC governments and was established to promote development and enhancing the role of the private sector in the GCC countries. GIC has made several investments in the building materials and construction industry in the UAE and other GCC countries.
GIC has made investment in Alumco through its 100 per cent owned subsidiary Bitumat Company Limited based in Kingdom of Saudi Arabia. Bitumat is a holding company of several successful building material businesses across GCC.
Global's investment in Alumco came through its Shariaa-complaint private equity fund, which has a total capital of approximately $100 million.
"This investment only indicates our continued confidence in Alumco to become the leading regional supplier of aluminum facades and glass products to the booming Gulf construction markets. Upon the completion of the agreement, Global's managed private equity funds will now hold a total stake of 29.7 per cent in Alumco as it already owns 21.21 per cent of the company," said Shailesh Dash, Senior Vice President and Head of Alternative Investments Group in Global.
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