CORRECTION: Global deal makes Kuwait's KAMCO a top regional player, says CEO | ZAWYA MENA Edition:
The CEO of Kuwait’s KAMCO Investment Company has said that his firm has "now taken a major step towards our aim of becoming the top investment firm in the region" following the completion two weeks ago of its purchase of a near-70 percent share in local competitor Global Investment House.
KAMCO CEO, Faisal Sarkhou, who has also just become chairman of Global Investment House (Global), said in an emailed response to a set of questions submitted by Zawya: "This deal... draws us closer towards our vision of becoming the leading asset management and investment banking player in the local and regional market."
KAMCO first announced a plan to take a majority position in Global in May this year, when it said it signed a sale and purchase agreement with NCH Ventures - a Bahrain-based entity representing the interest of more than 50 financial institutions - to buy over 396.4 million shares, or 69.528 percent of Global. The company hired professional services firm Alvarez & Marsal in June to advise on the deal.
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