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Dubai: Global Investment House KSCC, Kuwait's biggest investment bank, has begun a share sale of a $500 million fund that will buy stakes in financial service companies in the Middle East and North Africa.
Global is offering 253.2 million shares of Global MENA Financial Assets Ltd. for 100 pence each, a 5.6 per cent discount to its estimated net asset value, the Kuwait-based company said in an e-mailed statement on Saturday.
JPMorgan Cazenove Ltd. is managing the sale and trading is expected to begin on the London Stock Exchange on July 18.
Investment plan
The company, which aims "to generate attractive absolute returns by investing in a diversified portfolio of financial services sector assets,'' may invest as much as 20 per cent of the money in other emerging markets, according to the statement.
Global will own 29.99 per cent of the new company while 70.01 per cent will be held by institutional and professional investors.
The fund, set up in Guernsey, will be managed by Global Capital Management Ltd., a wholly owned unit of Global.
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