Global to Manage the Listing of Al Ithmar Bank on Kuwait Stock Exchange
Global Investment House "Global" announced today that it will act as the listing advisor for Ithmar Bank listing in the KSE, after receiving the initial approval to list a Bahraini company in the KSE.
Global and Al Ithmar Bank agreed six months ago for Global to manage all the procedures for the listing in the KSE.
Mr. El-Quqa, Global's Vice President said, that Global considers the process of listing companies in the KSE as an integrated procedure that needs commitment to abide to all KSE requirements. In addition to the range of activities that facilitate tariff's on any investor to easily identify the listed company.
He added, it is Global's responsibility to follow the listing requirements and inform the pre-listed company the importance of revealing all information and its future relationship with its shareholders.
Therefore, the relationship between the investor and the company will be based on concrete, transparent, and accurate information, ended El-Quqa.
The importance of any company to disclose its information to the general public is to broaden the base of shareholder, increase knowledge, reduce listing fees, and assist the company in financing its capital.
He applauded the listing of many companies at the stock exchange comes in time considered “a healthy economic phenomenon witnessing an increase in volume, on condition they are studied and controlled by market laws and regulations.
Chairman of the Al Ithamr board consist of Mr. Khalid Abdulla Janahi, and ten Board Members, Mr. Tunku Dato’ Ya’acod Bin Tunku, Mr. Abduhameed Abumoussa, Mr. Mohammed Al-Mezrouei, Mr. Farook Bengali, Sheikh Mohammed Al Kheriji, Sheikha Hissah S. Al- Sabah, Mr. Khalil Nooruddin, Mr. Ziad Hasan Rawashdeh, Mr. Graham Walker, and Chief Executive of the bank Mr. Michael P. Lee.
Ithmar Bank achieved outstanding results for the year ending 2007, in which net profits were $188.3 million dollars compared to $181.1 dollars in 2006. Total assets is at $4078 million dollars whereas funds under management recorded 1724 million dollars. This shows the Banks strategy to grow and achieve good results under its current management.
It is worth noting that Al Ithmar Bank is a Bahraini shareholding company incorporated on August 1984 as Faysal Investment Bank of Baharian (FIBEC) as a wholly owned subsidiary that was wholly owned by the Bank of Bahrain. In 2003, Shamil Bank sold FIBEC to Dar Al- Maal Al-Islami Trust (DMI Trust) Investment Bank was which then changed to Ithmaar Bank B.S.C.
In 2006, Ithmar increased its authorized capital to $500 million dollars to $1,000 million dollars and an additional increase in paid-up capital of up to $360 million dollars to 543.6 million dollars.
The purpose of the banks establishment follows:
1) IPO listing and other finances
2) Private Placements restructuring and portfolio management.
3) Project Financing
4) Capital markets and Mergers & Acquisitions advisory service
