Mubasher: Global Capital Management (GCM), the alternative asset management arm of Kuwait’s Global Investment House, has executed a successful exit of its controlling stake in Al Jazeera Steel Products Company, Omani company listed on Muscat Securities Market (MSM), according to a recent statement.
Global noted that this selling transaction was concluded on Sunday, 25 March, while the full ownership held through GCM’s managed fund, Global Buyout Fund, was transferred to the chairman and vice chairperson of Suhail Bahwan Group, Sheikh Suhail Bahwan and Sheikha Amal Suhail Bahwan, respectively.
“The Investment Banking team at Global was the sell-side advisors to the fund in this merger & acquisition transaction,” the statement added.
Kuwait’s Global is a regional asset management and investment banking firm headquartered in Kuwait, with offices in major capital markets across the Middle East and North Africa (MENA) region.
Deputy CEO of Global and managing partner of GCM commented on this exit: "We expect to distribute the proceeds from this transaction to clients investing in the Fund within the second quarter of 2018."
Global’s fund acquired a 51% stake in Al Jazeera Steel back in 2007 and the management team of GCM implemented a growth programme which focused on its regional growth and implementation in international markets namely Saudi Arabia and North America.
“During the past five years, Jazeera Steel managed to maintain its growth trajectory despite tough financial and economic times, thanks to the robust strategy and management team,” the statement noted.
