Egypt will keep pushing for Gaza peace, aid: PM    Remittances from Egyptians abroad surge 70% YoY in July–May: CBE    Sudan's ambassador to Egypt holds reconstruction talks on with Arab League    SCZONE signs $52.6m textile industry deals during China investment tour    Egypt's current account gap narrows, but overall BoP records deficit    Al-Sisi urges accelerated oil, gas discoveries, lower import bill    Egypt hosts international neurosurgery conference to drive medical innovation    Egypt's EDA discusses Johnson & Johnson's plans to expand investment in local pharmaceutical sector    I won't trade my identity to please market: Douzi    Sisi calls for boosting oil & gas investment to ease import burden    Egypt welcomes 25-nation statement urging end to Gaza war    EGX to close Thursday for July 23 Revolution holiday    Egypt, Senegal sign pharma MoU to unify regulatory standards    Famine kills more Gaza children as Israel tightens siege amid global outrage    Kuwait's Crown Prince, Egyptian minister discuss strengthening cooperation    Egyptian Drug Authority discusses plans for joint pharmaceutical plant in Zambia    Egypt's FM seeks deeper economic, security ties on five-nation West Africa tour    Two militants killed in foiled plot to revive 'Hasm' operations: Interior ministry    Egypt, Somalia discuss closer environmental cooperation    Egypt foils terrorist plot, kills two militants linked to Hasm group    Giza Pyramids' interior lighting updated with new LED system    Egypt's EHA, Huawei discuss enhanced digital health    Foreign, housing ministers discuss Egypt's role in African development push    Korea Culture Week in Egypt to blend K-Pop with traditional arts    Egypt reveals heritage e-training portal    Three ancient rock-cut tombs discovered in Aswan    Sisi launches new support initiative for families of war, terrorism victims    Egypt expands e-ticketing to 110 heritage sites, adds self-service kiosks at Saqqara    Egypt's Irrigation Minister urges scientific cooperation to tackle water scarcity    Palm Hills Squash Open debuts with 48 international stars, $250,000 prize pool    Egypt's Democratic Generation Party Evaluates 84 Candidates Ahead of Parliamentary Vote    On Sport to broadcast Pan Arab Golf Championship for Juniors and Ladies in Egypt    Golf Festival in Cairo to mark Arab Golf Federation's 50th anniversary    Germany among EU's priciest labour markets – official data    Paris Olympic gold '24 medals hit record value    A minute of silence for Egyptian sports    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Kuwaiti KAMCO taps Zaki Hashem as legal adviser on Egypt expansions plans
Company mulls establishing investment bank in Cairo by 2019
Published in Daily News Egypt on 03 - 06 - 2018

Kuwait's KAMCO Investment Company tapped Zaki Hashem & Partners (ZH&P) as its legal adviser on establishing an investment bank in Egypt, sources told Daily News Egypt.
The company is planning to set up an investment bank in the local market as part of its regional expansion plan. KAMCO recently created an affiliated company in the Dubai financial market.
"KAMCO is studying the value of investments planned to be pumped into the local market. The firm has decided to launch financial consulting and promote and cover subscriptions in the first stage," the sources said.
The Kuwaiti company recently appointed Sherif Abdel Aal, former managing director for the investment banks division at Pharos Holding, as the regional managing director of the mergers and acquisitions division in preparation for penetrating the local market.
KAMCO is implementing an expansion plan through which the company aims to offer its services to as many international customers as possible, according to sources.
It recently signed a preliminary contract to purchase about KWD 396.43m of the issued capital in Global Investment House.
That stake represents 69.53% of Global's capital, according to a bourse statement.
KAMCO clarified that the shares represent the majority equity in Global, held by NCH Ventures, a Bahrain-based entity representing the interests of more than 50 financial institutions.
Signing this preliminary contract will not have any financial impact at the current time, but KAMCO will disclose any developments once the deal is completed.
KAMCO was listed on the Kuwait Stock Exchange (KSE) in October 2003.
The current capital stands at KWD 26.33m distributed over 263.3m shares with a par value of 100 fils each.
KAMCO has three key business divisions: asset management, financial services and investments, and investment advisory and research.
The company manages several mutual funds, including the Bond and High Yield Fund, the KAMCO Investment Fund, the Al Jazi Money Market Fund, and the KAMCO Energy Services Fund.
In addition, the private equity department at KAMCO manages the Kuwait Private Equity Opportunities Fund, which invests in private companies in Kuwait.
The company registered a decline of 64.6% in profits during the first quarter (Q1) of 2018 compared to the same period of 2017.
Earnings declined to nearly KWD 101,260 ($336,420) in Q1 2018 from around KWD 286,000 ($950,200) in Q1 2017, according to a bourse statement on Tuesday.
The drop in Q1 profits is attributed to lower profitability from selling assets at fair value.


Clic here to read the story from its source.