BoD recommends AGM to approve Global’s merger with KAMCO
KUWAIT: Global Investment House (“Global” or the “Company”), a regional asset management and investment banking firm headquartered in Kuwait, with offices in major capital markets in the MENA region, yesterday announced its financial results for the year ended 31 December 2018 reporting a net profit of KD 4.6 million ($15.2 million) compared to KD 2.5 million ($8.3 million) in 2017, total revenues of KD 14.2 million ($46.7 million), and fee and commission income of KD 9.6 million ($31.6million) representing 67.5 percent of total revenues.
In September 2018, KAMCO completed the acquisition of the majority stake thus becoming the largest shareholder owning around 70 percent of the company’s capital with the aim to merge both entities. The board of directors, in its meeting held on 21st of February 2019, discussed and approved the advice of the independent investment advisor, including the asset valuation report, and recommended to the approval of the Extraordinary General Assembly the merger with KAMCO according to the swap ration recommended by the investment advisor, 0.75522821 KAMCO share against each Global share, after obtaining regulatory approvals.
Regarding operational performance, the asset management business generated total revenues of KD9.2 million ($30.5 million) and total assets under management stood at KD 863 million ($2.85 billion). Asset management teams remained focused on launching products and services best suited to clients’ investment needs offering recurring income/yield accompanied with low volatility.