KIPCO Asset Management Company (KAMCO), a Kuwaiti financial investment services company, will be listing its shares on the Kuwait Stock Exchange (KSE) on October 20, 2003 after unprecedented demand in a pre-listing private placement oversubscribed by 446 percent.
The private placement this past June of 50 million new shares, equivalent to 25 percent of KAMCO’s paid-up capital, was heavily oversubscribed in a matter of days, mainly by Kuwaiti investors.
KAMCO, part of Kuwait Projects (KIPCO), is a subsidiary of United Gulf Bank (UGB) of Bahrain, KIPCO’s investment banking arm and subsidiary. The company’s Assets Under Management now stand at nearly 1.25 billion Kuwaiti dinars ($ 4.2 billion), the second highest in Kuwait.
KAMCO has undergone thorough preparation for its listing, successfully concluded with approval from the KSE Committee on September 21, 2003. The company was established in 1998 to provide a range of financial and asset management services. — (menareport.com)
© 2003 Mena Report (www.menareport.com)
