Daily News Egypt

Kuwaiti KAMCO taps Zaki Hashem as legal adviser on Egypt expansions plans - Daily News Egypt

Advertising Area




Advertising Area




Kuwaiti KAMCO taps Zaki Hashem as legal adviser on Egypt expansions plans

Company mulls establishing investment bank in Cairo by 2019


Kuwait’s KAMCO Investment Company tapped Zaki Hashem & Partners (ZH&P) as its legal adviser on establishing an investment bank in Egypt, sources told Daily News Egypt.

The company is planning to set up an investment bank in the local market as part of its regional expansion plan. KAMCO recently created an affiliated company in the Dubai financial market.

“KAMCO is studying the value of investments planned to be pumped into the local market. The firm has decided to launch financial consulting and promote and cover subscriptions in the first stage,” the sources said.

The Kuwaiti company recently appointed Sherif Abdel Aal, former managing director for the investment banks division at Pharos Holding, as the regional managing director of the mergers and acquisitions division in preparation for penetrating the local market.

KAMCO is implementing an expansion plan through which the company aims to offer its services to as many international customers as possible, according to sources.

It recently signed a preliminary contract to purchase about KWD 396.43m of the issued capital in Global Investment House.

That stake represents 69.53% of Global’s capital, according to a bourse statement.

KAMCO clarified that the shares represent the majority equity in Global, held by NCH Ventures, a Bahrain-based entity representing the interests of more than 50 financial institutions.

Signing this preliminary contract will not have any financial impact at the current time, but KAMCO will disclose any developments once the deal is completed.

KAMCO was listed on the Kuwait Stock Exchange (KSE) in October 2003.

The current capital stands at KWD 26.33m distributed over 263.3m shares with a par value of 100 fils each.

KAMCO has three key business divisions: asset management, financial services and investments, and investment advisory and research.

The company manages several mutual funds, including the Bond and High Yield Fund, the KAMCO Investment Fund, the Al Jazi Money Market Fund, and the KAMCO Energy Services Fund.

In addition, the private equity department at KAMCO manages the Kuwait Private Equity Opportunities Fund, which invests in private companies in Kuwait.

The company registered a decline of 64.6% in profits during the first quarter (Q1) of 2018 compared to the same period of 2017.

Earnings declined to nearly KWD 101,260 ($336,420) in Q1 2018 from around KWD 286,000 ($950,200) in Q1 2017, according to a bourse statement on Tuesday.

The drop in Q1 profits is attributed to lower profitability from selling assets at fair value.

Advertising Area

Advertising Area



https://www.dailynewsegypt.com/2018/06/03/kuwaiti-kamco-taps-zaki-hashem-as-legal-adviser-on-egypt-expansions-plans/
Breaking News

No current breaking news

Receive our daily newsletter
Subscribe