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Global MENA Financial Assets listed on London Stock Exchange

Kuwait-based Global Investment House has listed private equity fund Global MENA Financial Assets, which is managed by its subsidiary Global Capital Management, on the London Stock Exchange

Kuwait-based Global Investment House has listed private equity fund Global MENA Financial Assets, which is managed by its subsidiary Global Capital Management, on the London Stock Exchange. The listing follows the raising of USD500m in capital through the placing of some 252 million shares.

‘We are proud to list Global MENA Financial Assets on the London Stock Exchange, following the successful listing of Global’s global depositary receipts in May,’ says Omar El-Quqa, an executive vice-president at Global and a member of the fund’s board.

‘The net proceeds of the IPO will be used to acquire a portfolio of eight financial services sector assets, financial institutions predominantly in the Middle East and North Africa, from Global Investment House.’

The remaining proceeds will be invested according to an 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 Middle East and North Africa (including Turkey), and up to 20 per cent of net asset value in other emerging markets.

Shailesh Dash, managing partner of Global Capital Management, says: ‘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.

‘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.’

Established in 1998, Global Investment House has branches and affiliates in Bahrain, Dubai, Abu Dhabi, Jordan, Qatar and Sudan, and had KWD2.5bn (USD9.3bn) in assets under management at the end of March.

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