KAMCO Investment Company, a leading investment company with one of the largest AUMs in the region, acted as the acquisition advisor to Qurain Petrochemical Industries Company KSCP (“QPIC”) on the acquisition of 20.5% of National Petroleum Services Company KSCP (“NAPESCO”). The transaction has been successfully completed throughout multiple stages that was initiated in the third quarter of 2016 and finalized in March 2017.
KAMCO used the Mandatory Tender Offer (“MTO”), implemented for the first time in the local market in accordance with the Capital Markets Authority (“CMA”) bylaws No. 72 of 2015, to accumulate the mentioned stake for QPIC. Towards the end of the auction process, KAMCO, through this exercise, enabled QPIC aggregate ownership to exceed 50% in NAPESCO. At the time of acquisition, NAPESCO shares were acquired between 730 to 800 fils, QPIC and NAPESCO are both listed on Boursa Kuwait.
Mr. Faisal M. Sarkhou, Chief Executive Officer of KAMCO, said, “The overall results of successfully completing this transaction and assisting our clients in achieving their strategic objectives, particularly QPIC, marks another achievement for KAMCO. The Investment Banking department adapted to the clients’ needs by completing this acquisition in a professional manner and ensuring that all aspects comply with the CMA regulations. Their teamwork and outstanding performance in playing an active role in leading this transaction led to this successful outcome. We would also like to thank the CMA, Boursa Kuwait, Kuwait Clearing Company and Hossam Abdullah Legal Office (Al Hossam Legal) which acted as the legal advisor to the transaction for their support.”
Mr. Sarkhou added that KAMCO would continue its efforts towards achieving and delivering outstanding investment banking services to reach client objectives. KAMCO will also continue to participate in various tasks that will strengthen the company's leadership position in the sector on a local and regional scale. He also noted that the team would spare no effort in meeting the needs of KAMCO’s diverse client base.
Also commenting on the transaction, Mr. Sadoun A. Ali, Vice Chairman and CEO of QPIC, said, “We are pleased with the outstanding results upon completing this transaction. The effort and level of professionalism brought forth by KAMCO’s team in managing the deal resulted in QPIC achieving its strategic objectives in line with the Company’s future plans. “