Sunday 30 September 2012

Investcorp to take 35-percent stake in Kuwaiti car leasing firm | Reuters

Bahrain-based Investcorp INVB.BH acquired a 35-percent stake in Kuwait's car leasing and rental firm Automak Automotive Co, marking the alternative asset manager's sixth investment through its $1 billion Gulf Opportunity Fund.

Investcorp did not give financial details of the transaction but said in a statement on Sunday that the deal will be done through a capital injection.

Co-founded in 2002 by Al Kharafi Projects Co., Automak has over 15-percent market share in Kuwait, operating a fleet of more than 4,500 vehicles and provides rental, car leasing and distribution services.

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