Watani Investment Company (“NBK Capital”) and Kuwait Finance & Investment Company (“KFIC”) announced today the closing of the private placement of 15 million shares of Kout Food Group Company KSCC (“KFG”), a leading diversified food group company in the State of Kuwait, in the amount of KD14.4 million. KFG is in the process of applying and obtaining clearance to list on the Kuwait Stock Exchange (“KSE”).
KFG through its subsidiaries, operates the franchises of Pizza Hut, Burger King, and Applebee’s, some of the most internationally recognizable fast-food and casual dining brands globally as well as Burj Al-Hamam and Kabab-ji, two well recognized regional brands.
For the nine months ended September 30, 2005, KFG recorded revenues of KD27.4 million and earnings of KD3.8 million up from KD21.1 million and KD3.1 million for the same period the previous year. As of October 1, 2005, KFG shareholders’ equity was KD7.2 million.
Saleh Al-Homaizi, KFG’s Vice Chairman stated that “we are pleased with the closure of the private placement, a major step in transforming KFG from a privately held family owned business to a publicly listed company. This will provide KFG with access to equity capital markets and will allow it to diversify the shareholder base and grow the business.”
Yann Pavie, Chief Operating Officer and board member of NBK Capital said that “we are delighted to have closed this landmark transaction which is in-line with NBK Capital’s strategy of bringing well established quality companies with proven track records and solid growth potential to market. The KFG offering is even more important considering that we have assisted the Company legally and financially in its transformation into a public shareholding company.”
About Kout Food group Company
KFG is a leading diversified food group in the State of Kuwait. The Company through its fully owned subsidiaries operates in the fast-food, casual dining, and fine dining segments under three subsidiaries, HFC, SRC, and MEEM. The Company through its subsidiaries, operates the franchises of Pizza Hut, Burger King, and Applebee’s, some of the most internationally recognizable fast-food and casual dining brands globally as well as Burj Al-Hamam and Kabab-ji, two well recognized regional brands.
About NBK Capital
NBK Capital is the investment and merchant banking arm of the National Bank of Kuwait (”NBK”) and is primarily engaged in mergers & acquisitions, equity capital markets, debt capital markets, and private equity across the Arab World. NBK Capital was incorporated on July 1, 2005, as a closed Kuwaiti shareholding company.
Issued by National Bank of Kuwait- For more info, please contact PR Office Mr. Ahmed Hafez on Tel: 2422011 ext. 3258- 3222 * Fax: 2465190 or e-mail Ahmedh@nbk.com
About Kuwait Finance & Investment Company
KFIC is fast implementing its investment services program focusing on equity capital markets, ventures, buyouts, and asset management. In addition, KFIC offers financing services, including consumer, commercial, and housing loans. KFIC was incorporated on March 27, 2000, as a closed Kuwaiti shareholding company.
