Global MENA Financial Assets Limited (GMFA) raises $500 million through Initial Public Offering
Global MENA Financial Assets Limited (GMFA) (“Global MENA Financial Assets” or the “Company”), a closed-ended investment company incorporated in Guernsey, has announced the initial public offering (the “Offer”) of its shares. The Company has raised US$500 million (equivalent to c.£252 million) through a placing of 252,040,000 million shares (the “Offer Shares”) at an offer price of 100.00 pence per share (the “Offer Price”).
Admission to the Official List of the Financial Services Authority and commencement of unconditional dealings on the Main Market of the London Stock Exchange (“Admission”) under the ticker symbol “GMFA” is expected to take place on 18th July 2008.
Global MENA Financial Assets (GMFA) will be managed by Global Capital Management Ltd. (“Global Capital Management” or the "Investment Manager"), a whollyowned subsidiary of Global Investment House K.S.C.C. (“Global Investment House”). The net proceeds of the Offer will be used to acquire from Global Investment House a portfolio of eight financial services sector assets in financial institutions predominantly in the Middle East and North Africa ("MENA") region (the “Initial Portfolio”). The remaining net proceeds will be applied according to the Company’s investment policy of acquiring and managing controlling and significant minority stakes in unlisted companies and controlling stakes in listed companies in the financial services sector within the Target MENA Region (including Turkey) and up to 20% of Net Asset Value in selected other emerging markets.
Shailesh Dash, CFA, Managing Partner, Global Capital Management Ltd. commented: “We are very pleased with the positive response from a range of European and Middle Eastern investors to the IPO of Global MENA Financial Assets Limited (GMFA). That such a significant fundraising has been achieved in the context of difficult market conditions demonstrates a strong endorsement of the high growth opportunities in the MENA financial services sector. The success of the Offer is also a recognition by international investors of the track record of Global Capital Management.”