Press releases 2008
22 May 2008
Global Investment House becomes first Kuwaiti company to list on the London Stock Exchange
Today, Thursday 22 May, Global Investment House (Global) became the first Kuwaiti company to list on the London Stock Exchange when it joined the Main Market. Global Investment House's total offering of $1.15 billion in Global Depository Receipts represents the second largest issue ever on the London Stock Exchange by a Middle Eastern company.
Global is a leading asset management and investment banking company operating across 16 countries in the GCC and the wider MENA region. The company’s principal areas of business are Asset Management, Principal Investments and Treasury, Investment Banking, Real Estate and Brokerage, which together allow it to provide a comprehensive range of products to its clients in the region and beyond.
Commenting on the Admission Ibukun Adebayo, the London Stock Exchange's Senior Manager for the Middle East, said:
"I am delighted Global Investment House has become the first Kuwaiti company to join our markets. Global's international aspirations are perfectly aligned with London's ability to attract international institutional investors and generate substantial secondary market liquidity We continue to see strong interest from Middle Eastern issuers looking to go global through the London Stock Exchange."
Maha Al-Ghunaim, Chairperson and Managing Director of Global, said:
"This is the first ever GDR listing by a Kuwaiti company on the London Stock Exchange, and we are delighted by the 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 GCC and MENA region, and the Offer has provided us with the additional equity to capitalise on these opportunities. We welcome new investors to the register, and look forward to further growth and continued value creation over time."
Global takes the total number of companies from the Middle East on the London Stock Exchange's markets to 34, with a combined market cap of $25.9 billion. 5 Middle Eastern companies have joined the London markets so far this year, raising $1.6 billion. In total Middle Eastern firms have raised $5.9 billion through floatations on the London Stock Exchange.
To mark the occasion, Omar M. El-Quqa, CFA - Executive Vice President Products & Business, opened the London Stock Exchange's markets, by launching 'The Source' the London Stock Exchange's dynamic sculpture positioned in the main atrium of its building at Paternoster Square.
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For further information, please contact:
Alastair Fairbrother Press Office + 44 (0)20 7797 1222
For further information on Global please contact:
Dalal A. Al-Radi Senior Media Relations Executive + 965 240 0551 Ext 325