Thank you for reading the news about KAMCO completes legal execution of merger with Global and now with the details
KUWAIT: KAMCO Investment Company KSC (Public), a regional non-banking financial powerhouse with one of the largest AUMs in the GCC, announced the successful completion of the legal execution of the merger by amalgamation with Global Investment House (Global), whereby KAMCO is the merging company and Global the merged.
This announcement comes after the cancelation of treasury shares and the successful completion of the share swap of 138,877,635 Global shares (owned by shareholders other than KAMCO)against the issuance of 104,884,308 new KAMCO shares according to the swap ratio of 0.75522821 KAMCO share for each Global share. The share swap was concluded on Thursday 12th of December 2019 where minority shareholders in Global have now become shareholders in KAMCO.
Newly issued shares will be eligible for trading on Boursa Kuwait starting Sunday 15th of December 2019. Following the merger, the authorized, issued and paid up share capital of KAMCO stood at KD 34.2mn. Commenting on the completion of the merger process, KAMCO’s CEO, Faisal Mansour Sarkhou, said, “We are pleased to have completed the legal execution of the merger within the preset time frame.
In the coming weeks, we will work towards integrating our operations and systems in preparation for a fresh start in 2020.” He added, “We welcome new shareholders to KAMCO ensuring them of our commitment to continue creating value for all stakeholders through our fee-based business model that is client driven with focus on innovative strategies and team capabilities.”
KAMCO enjoys a larger and more diversified shareholder base with non-controlling shareholders representing more than 40%of total issued shares. Sarkhou concluded by expressing his gratitude and appreciation towards the Capital Markets Authority, Ministry of Commerce and Industry, Central Bank of Kuwait, Boursa Kuwait, as well as other regulatory authorities for their ongoing support and cooperation throughout this process. He also thanked the boards of directors and teams of both companies for working side by side to ensure the successful outcome of this transaction. Sarkhou also thanked clients and shareholders for their trust assuring them of KAMCO’s commitment to create value for all stakeholders.
These were the details of the news KAMCO completes legal execution of merger with Global for this day. We hope that we have succeeded by giving you the full details and information. To follow all our news, you can subscribe to the alerts system or to one of our different systems to provide you with all that is new.
It is also worth noting that the original news has been published and is available at Kuwait Times and the editorial team at AlKhaleej Today has confirmed it and it has been modified, and it may have been completely transferred or quoted from it and you can read and follow this news from its main source.