Kuwait’s KAMCO Investment Company has announced a sale and purchase agreement to acquire a 69.52 per cent interest in Global Investment House (GIH) from Bahrain’s NCH Ventures.
KAMCO said it would acquire 396.42 million shares in the Kuwait-listed investment company under the deal, which is subject to regulatory requirements and other formalities.
The acquisition will include Global’s headquarters in Kuwait and its offices in the UAE, Saudi Arabia, Bahrain, Egypt, Jordan and Turkey.
“Signing this agreement is an important step in the acquisition process of what will be one of the largest acquisitions of its kind in the recent history of Kuwait’s investment sector and the region,” said KAMCO CEO Faisal Mansour Sarkhou.
“We believe that this acquisition further solidifies our role in the market and demonstrates the scalability of our long-term business model.”
He added that completing the deal would strengthen KAMCO’s human capital and operational and financial profile while allowing it to compete on a global level.
The value of the transaction was not disclosed.
GIH said its assets under management grew $53.4m to $3.1bn in its first quarter results published last week.
Its net profit was down roughly 22 per cent to $5.3m from $6.8m in the same period last year.