Kuwait's Global To Raise About US$1.24bn In Share Sale

Kuwait's Global Investment House, an asset management and investment banking company, announced on April 22 that it will sell 355mn shares to investors. The share sale will raise about US$1.24bn and will be in the form of global depositary receipts for listing on the London Stock Exchange, which will give foreign investors an easy avenue to tap into the growing financial services market in the Middle East and North Africa (MENA). Global's shareholders approved the sale in March to sell each share at a minimum value of KWD0.930 (US$3.50). The share sale will close on May 15.

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