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Global Investment House to list GDR's

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Date: Tuesday 22 Apr 2008

LONDON (ShareCast) - Kuwait-listed Global Investment House plans an offer of global depositary receipts (GDRs) and a listing on the London Stock Exchange.

The group said it intends to issue up to 35% of its share capital at 930 fils per share.

“Global's focus on the rapidly expanding asset management and financial services market in the GCC and wider MENA region provides considerable opportunities for growth,” said Maha Al-Ghunaim, chairperson and managing director.

“Raising additional equity through this GDR listing will enable Global to capitalise on these opportunities through expanding geographically and enhancing our strong product and service capability to build significant value for our clients and shareholders,” Al-Ghunaim added.

Global is an asset management and investment banking company operating across 16 countries. It had a market capitalisation of $3.3bn as at 20 April.

HSBC has been appointed as sole global coordinator and Deutsche Bank, HSBC, JPMorgan and UBS Investment Bank have been appointed joint bookrunners for the offer.