The Global Investment House "Global" announced today that it held a seminar yesterday for Al National Ranges Company "Mayadeen" to discuss the company’s capital increase placement and future planes with major potential investors.
Last Wednesday Global launched the placement for Mayadeen’s capital increase to KD100 million through the issuance of 975 thousand shares.
During the seminar held at J.W. Marriot Hotel, Mr. Omar El-Quqa, Executive Vice President at Global, introduced Mr. Fawaz Ibrahim Al-Qattan, Mayadeen Chairman, Mayadeen’s Vice Chairman Mr. Sulaiman Al-Yaseen, and Mrs. Reem Beydoun, Assistant Vice President- Client Relationship at Global, all thanked the attendees investors for their interest and presented Mayadeen’s future strategy and plans for the money raised.
El-Quqa started opened the presentation with a general over review on Mayadeen capital increase and the company's upcoming projects.
He added that the company has a number of ambitious projects and plans that will drive it to become one of the leading real estate firms in the region. Mayadeen has recently signed a Memorandum of Understanding (MOU) for real estate properties in Dubai and Abu Dhabi, El-Quqa pointed.
Al-Qattan on his part said that the placement marks the beginning of a new era, expressing his hope that Mayadeen will become a pioneer in the real estate sector.
“This step is the beginning of a new era in the company's corporate growth, and I am optimistic that it will become a leading regional real estate company,” said Al-Qattan.
On the other hand, Al- Yaseen stressed that the next phase will be a continuation of the company’s success since it was incorporated in 1998, pointing it owns and operate the only shooting range in Kuwait and it lists on Kuwait Stock Exchange (KSE) in 2005.
“We believe this to be a great investment opportunity for our new shareholders to invest in listed company,” pointing that the recent MOU to own real estate properties in Dubai and Abu Dhabi “creates a balance between income-generated property and development assets," said Al- Yaseen.
Later, a documentary was presented about Mayadeen’s placement and the future plans in which the raised funds will be used for.
In a presentation that followed, Beydoun pointed out that Mayadeen will increase its capital from KD100 million through the issuance of 975,962,080 new shares of which, new investors will subscribe to 866,306, shares at a price of 109.91 fils per share.
Shareholders registered as of the end of the trading session on November 11th, 2006 will receive 42,538,860 shares (1.75 shares for each held) as free distribution shares and 66,846,780 rights shares (2.75 shares for each held) at 100 fils per share.
Beydoun talked about Mayadeen’s upcoming projects, saying that it is on track to implement its strategic regional expansion plans to be a leader in real estate development, adding that the company plans to list on Dubai Financial Market Financial later stage.
She said that Mayadeen will create a balanced business profile to achieve its goals and diversify its sources of revenues.
Mayadeen’s income-generating properties (secured through an MOU, by a subsidiary of Mayadeen) include two 100% occupied prime and quality office buildings in Emaar Business Park, Dubai. Additionally, Mayadeen has secured a prime office building property (secured through an MOU, by a subsidiary of Mayadeen) with a small retail component, located in Dubai Healthcare City.
About Global Investment House “Global”
Global Investment House “Global” is a full-fledged investment company incorporated in 1998, and falls under the regulation of the Central Bank of Kuwait. Its underlying foundation is to meet the high expectations of local and international clients, and to enhance the investment service industry in Kuwait and the region. Today, Global stock lists on the Kuwait, Bahrain, and Dubai Stock Exchanges, with branches and affiliates in Bahrain, Dubai and Abu Dhabi (UAE), Jordan, Qatar, and Sudan. Global plays an important role in promoting investment opportunities in the Arabian Gulf Peninsula to investors through expert financial engineering, in-depth research and reports to advance the capital market in the region. Thus, Global’s achievements have been recognized on local, regional, and international levels. The company’s current assets under management reached KD 2.021 billion (USD 7 billion) as at 30 September 2006.
For more information about Global, please contact Khaled A. AlAttar, Assistant Manager Media Relations. E-mail: kattar@global.com.kw, Tel: (965) 240-0551 Ext. 402; Fax: (965) 242-0498; P.O. Box: 28807 Safat, 13149 Kuwait; Web; www.globalinv.net
