Kamco Investment Company and Global Investment House, two firms operating in the Kuwaiti asset management and investment banking industry, have announced they have secured regulatory approval for a proposed merger.
The companies said they have received the Capital Markets Authority’s approval on the draft merger contract in which Kamco will be the merging company and Global the merged company.
Once successfully concluded, the merger will position the combined entity as one of the largest investment companies in the region in terms of assets under management totaling about $14 billion, a statement said.
It added that the merger is categorised as the largest of its kind in Kuwait’s investment scene.
Kamco acquired 70 percent acquisition of Global from NCH Ventures last September and since the acquisition, both companies have engaged in an extensive integration exercise.
Moving forward, Kamco and Global will call for extraordinary general meetings to obtain their shareholders’ approvals to complete the merger.
The companies also said the combined entity will serve thousands of clients from seven local offices.
Source:https://www.arabianbusiness.com/banking-finance/424442-kuwaits-kamco-global-win-regulatory-nod-for-merger