Kuwait’s Global Investment House has listed its global depository receipts (GDRs) on the London Stock Exchange (LSE), raising $1.5bn in the process.
The move makes the investment bank the first Kuwaiti firm to list GDRs on the London exchange. It also means that the firm can now be traded on exchanges in London, Kuwait, Bahrain and Dubai.
HSBC acted as global co-ordinator for the issue; with Deutsche Bank, HSBC, JPMorgan and UBS acting as joint bookrunners. Global Investment House has a market capitalisation of $5bn.
The bank has also received regulatory approval to buy a 70 per cent stake in the UAE’s First Securities Brokerage.
You might also like...
A MEED Subscription...
Subscribe or upgrade your current MEED.com package to support your strategic planning with the MENA region’s best source of business information. Proceed to our online shop below to find out more about the features in each package.