KIPCO Asset Management Company (“KAMCO”) has announced the listing of "DAMAC Kuwait” on the Kuwait Stock Exchange after the successful private placement of 36 million shares in DAMAC Kuwaiti Holding Company KSC (Closed) in March 2008.
The Kuwait Stock Exchange hosted an event on the 27th of April to generate increased awareness of DAMAC Kuwait’s major activities and strong financial status, as the company's shares commenced trading under the name of "DAMAC KWT".
Mr. Saudoun Ali, Chief Executive Officer, KAMCO said: "We are pleased to have successfully arranged the listing of DAMAC Kuwait on the Kuwait Stock Exchange. I would like to thank the DAMAC Group for the confidence and appointing KAMCO as their financial and listing advisor.” Tayeb Dajani, General Manager, DAMAC Kuwait., added: "DAMAC Kuwait has recorded a number of major achievements during 2007 when the company enjoyed significant continued expansion that reflected the strong financial growth enjoyed by Kuwait and other GCC economies during the year.
"The DAMAC Group has always believed in the importance of DAMAC Kuwait as a company that is continually creating and adding value to its shareholders through acquisitions, investments and business development in areas with high potential for growth"
DAMAC Kuwait was established in 2000 with a KD 100,000 capital before it was converted to a holding company on 28 November 2004 with its capital increasing to KD15, 000,000. On 13 June 2006 the company has increased its capital again to KD 18,000,000 and a share value of 100 fills in 31 December 2007.
DAMAC Kuwait benefited from a number of investments during 2007 which included the successful sale of its entire share in the Executive Heights real estate project in the Technology and Media Free Zone (TECOM) area in Dubai. The company realized KD 3,000,000 from the sale.
The company also invests through "DAMAC Invest" one of DAMAC Group subsidiaries which aims at benefiting from the increase of investment opportunities in the GCC, Middle East and North Africa.
© 2008 Al Bawaba (www.albawaba.com )