KAMCO signs first major pan GCC USD75M loan

The main purpose of this loan embraces the repayment of existing debt and for other corporate purposes enhancing KAMCO's financial leverage.

Speaking at the loan signing ceremony, Mr. Masaud Hayat, Chairman of KAMCO stated, "This agreement represents KAMCO's first major loan arranged outside The State of Kuwait which reflects confidence in KAMCO's rigorous financial management strategy. The strategy focuses on expanding financial sources, reducing cost of funding, and extending debt maturity profile."

Hayat also thanked all the bank representatives who have arranged this deal as well as the KAMCO management team lead by Mr. Adel Al Waqayan, Senior Manager of Treasury Department at KIPCO, who worked cooperatively to conclude this deal.

On behalf of the participating banks, Mr. Rajesh Thapar, Head of Corporate & Institutional Banking for National Bank of Dubai said, "A key focus area of large, locally incorporated GCC Banks in recent years has been cross border lending in the Gulf region. The KIPCO Group, and particularly KAMCO, represents one of the best groups in the State of Kuwait. Backed by a strong management team and incorporating some of the best management practices among investment companies in the GCC, we have no doubt that the Group's growth plans will be successful."

KIPCO Asset Management Company (KAMCO) is a subsidiary of United Gulf Bank (UGB) which is in turn a subsidiary of Kuwait Projects Company (KIPCO), one of the largest holding companies in the Middle East. KAMCO is one of the leading asset management and financial services institutions in Kuwait and the region. KAMCO provides a wide array of services and products including, tailored portfolio management, forward trading, IPO's, asset allocation, investment advice, private placement, local and international fund management, and private equity all with the support of an outstanding Investment Advisory and Research Division.

KAMCO's strong presence in the financial marketplace has been reflected in the dynamic growth of its assets under management which amount to US$ 6.6 billion as of 31 March 2007. KAMCO is listed on the Kuwait Stock Exchange (KSE) and is considered as one of the premier market makers in Kuwait.