Kuwait’s Ali Alghanim Plans Rare Family-Owned Local Listing - Bloomberg
Ali Alghanim & Sons has filed to list on Boursa Kuwait in what will be the first share sale by a family-owned business in seven years, people familiar with the matter said.
The company will sell a 45% stake in the listing, the first by an auto retailer on the local market, the people said, asking not to be named while discussing confidential matters. The IPO may come as soon as early June and the company will target a high dividend yield, they said.
National Investments Co. is the global coordinator for the IPO, the people said. Kuwait’s Al-Qabas had reported Alghanim’s listing plans earlier.
The company declined to comment.
Alghanim is among Kuwait’s leading merchant families. Its businesses include car dealerships, construction and electronics, and the firm also holds contracts for major government projects. Ali Alghanim & Sons already has a presence in Iraq and is planning further regional expansion.
The last family-owned business to list in Kuwait was Mezzan Holding Co., in June 2015. Boursa Kuwait expects more firms to list soon, followed by government-controlled companies, its chief executive officer said last month.
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