Global Investment Plans to Sell GDRs, List in London (Update1)
By Will McSheehy
April 22 (Bloomberg) -- Global Investment House KSCC, Kuwait's biggest investment bank, plans to raise money for expansion and acquisitions by selling new shares to international investors before listing them on the London Stock Exchange.
Offer terms for the shares, which will trade as global depositary receipts, will be published on May 2, Global said in an e-mailed statement today. Deutsche Bank AG, HSBC Holdings Plc, JPMorgan Chase & Co. and UBS AG will manage the sale.
Global's focus on the Middle East and North Africa ``provides considerable opportunities for growth,'' Managing Director Maha al-Ghunaim said in the statement. ``Raising additional equity through this GDR listing will enable Global to capitalize on these opportunities.''
Kuwait City-based Global, whose shares trade in Kuwait, Bahrain and Dubai, has offices and units in 16 countries including Saudi Arabia, Egypt, Turkey and India. In February it said full-year profit for 2007 jumped 28 percent as oil earnings boost economic growth in the Gulf, spurring demand for its asset management, securities and real estate services.
Global on March 27 said shareholders approved a plan to boost capital by 35 percent by selling 354.9 million new shares at 930 fils ($3.50) apiece to ``strategic investors.'' The sale would raise about 330 million dinars ($1.24 billion), according to Bloomberg calculations.
While the 930 fils sale price was approved ``for regulatory reasons,'' the final price will be set after gauging investor interest, according to today's statement.
