Kuwait City: Global Investment House announced yesterday that it has concluded the capital increase through issuing Global Depositary Receipts (GDR) which will be listed on the London Stock Exchange (LSE).
The offer was oversubscribed and raised approximately $1.15 billion for Global. "This issue is considered to be the first of its kind for a Kuwaiti company to be listed on the London Stock Exchange. We are delighted by the high level of investor demand for the offer. Investors have recognised the strength of Global's business and the considerable potential for growth in the asset management and financial services market in the Gulf and Middle East and North Africa [Mena] region, and the offer has provided us with the additional equity to capitalise on these opportunities," said Maha K. Al Ghunaim, chairperson and managing director of Global.
With the listing of the GDR on the London Stock Exchange, Global's stocks will be traded in four stock markets - Kuwait, Bahrain, Dubai, and London.
This will contribute to improving the company's level of transparency and corporate governance to international standards, as well as allowing international investment companies and foreign investors to invest in the company.
With this issue, Global's market capitalisation is expected to reach a new high level of $5 billion which makes Global the largest private sector investment company in the entire GCC and broader MENA region.
Additionally, Global is Kuwait's seventh largest company listed on the Kuwait Stock Exchange.