Saudi Combined Co., one of Kuwait’s Investment Dar group of companies, has raised six hundred million Saudi Riyals through an IPO which was managed by Al Dar Asset Management (Adam), a subsidiary of Investment Dar. The company’s operational launch was announced at its first general meeting held last week, where five board members were elected in Dammam.
Saudi Combined Company is set to bolster the Saudi market through its provision of consumer goods financing, asset management and consulting services. The company has also outlined innovative plans for financing vehicles, real estate and private property in compliance with the Noble Islamic Sharia’a.
The founding general meeting attracted large numbers of distinguished investors to subscribe for the thirty percent listed shares that were priced at a nominal value of 10SR per share. The meeting, attended by Mohammad Bin Ahmad Al Dousary, Chief Executive Officer, Al Dammam Development and Abdurrahman Al Dawood, General Manager of Al Dar Asset Management (Adam), a subsidiary of Investment Dar, marked the operational launch of the company where the company bylaws were approved.
“Investment Dar is pleased with the response received for the initial public offering of the Saudi Combined Co. and has great faith in the Saudi financial market. The economic flexibility towards the private and foreign sector investment in KSA acted as a catalyst for Investment Dar to partner with Saudi Combined Co. Investment Dar aims to use its long standing experience in the financial services arena to generate lucrative returns for its shareholders in Saudi,” said Yousef Malallah, Deputy CEO at Investment Dar.
A report highlighting the activities and expenses to be undertaken for the company’s initial operation was approved by the shareholders. It was also agreed during the meeting to appoint Ernest and Young as the audit firm for maintaining fair and transparent accounting procedures.
All shareholders agreed to appoint the following individuals as board members of the Saudi Combined Co.:
1. Mr. Mohammad Bin Ahmad Al Dousary Member of the board of directors
2. Mr. Yousef Malallah Member of the board of directors
3. Mr. Abdullah Al Seif Member of the board of directors
4. Mr. Hussein Abdul Wahed Al Khajah Member of the board of directors
5. Mr. Khaled Bin Ahmad Al Dousary Member of the board of directors
Notes to editor:-
Investment Dar is a Kuwaiti shareholding company founded in 1994 with a declared capital of KD 22.752 million. The international credit rating agencies of the company have from BB- in 2001 to BBB+ in 2005, which complements the ISO9001 certification achieved in 1999. Both the achievements are firsts for an Islamic financial company in Kuwait. Investment Dar is a member of several international and Arabic bodies, such as Accounts Review for Islamic Financial Establishments, Islamic Financial Establishments and Banks General Congress and many other accredited regional and international associations.
Investment Dar has subsidiaries in the following industries:
• Finance
• Banking
• Real Estate
• Investment & Asset
• Services including insurance, money collection and rating, logistics, research and consultancy and project management.
Investment Dar’s group of companies include the following:
Al Dar Asset Management Co. (Adam)
Wared Finance & Investment Co.
Al Madar Finance and Investment Co.
Bahrain Islamic Bank
Cham Bank
Wethaq Takafuli Insurance
Khabary Holding Co.
Manazel Holding Co.
Oqyana Real Estate Co.
Al Dar National Real Estate Co.
Al Dar International Consultancy
Credit Rating and Collection Co.
Proman Project Management Co.
Rehal Logistics
Stehwaz Holding Co.
Saudi Combined Co.
