KAMCO congratulates Mushrif Trading and Contracting Company on the successful conclusion of its KD27m capital increase and acquisition in the UAE

On this occasion, KAMCO's Chairman, Mr. Masaud M.J. Hayat thanked Mushrif for entrusting this exclusive acquisition assignment to KAMCO, as it represents a unique deal in the construction industry as well as in the mergers & acquisitions arena in the Gulf region and, particularly, in Kuwait.

Mushrif is one of the leading construction companies in Kuwait and is specialized in providing contracting and building services to key construction industry sectors in seven different MENA region countries from Saudi Arabia to Iran.

Mushrif has already made its mark in a number of important projects in the Gulf Region in the fields of Water/Wastewater Treatment, Oil & Gas, Pipelines & Pump Stations, Roads & Highways, Airports & Runways, Building & Infrastructure Works, Environmental and other Industrial projects.

Mr. Hayat concluded by expressing his sincerest thanks to all related parties who contributed to the success of this unique transaction, in particular, the KAMCO Corporate Finance Department, the Shareholders and management of Mushrif, "Bryan Cave" and "Allen & Overy," retained as legal advisors to Mushrif and Ithmar Capital, respectively, for their collaboration and to the Ministry of Commerce and Industry, Kuwait (MOCI) and the Kuwait Stock Exchange (KSE).

The acquisition of a 50% interest in Mushrif was made by Gulf Consortium 2 LLC, a UAE based Company and a member in the Group of Ithmar Capital, whereby Gulf Consortium 2 entirely subscribed to the increase (30,000,000 shares) at a price of 900 Kuwaiti fils per share (a par value of 100 Kuwaiti fils and a share premium of 800 Kuwaiti fils). The gross proceeds of the capital increase were KD27m of which KD16.50 m were used to acquire major construction businesses in the UAE. Presently, Mushrif plans to concentrate its activities on the Kuwait, Qatar and UAE markets where further resources need to be strengthened.

KAMCO is a member of Kuwait Projects Company (Holding) group, which is among the largest holding companies in the Middle East, with a regional network of companies enjoying leading positions in their respective fields. Moreover, KAMCO is one of the region's leading corporate finance and investment banking advisors, as measured by transactions completed, achievements to date, breadth of client relationships and its extensive experience and knowledge.

KAMCO Corporate Finance has an extensive track record of successfully completed assignments that have fully met client requirements and expectations. In the period from July 2001 to September 2007, KAMCO Corporate Finance has completed over 50 Corporate Finance transactions with an aggregate value of KD2.00b (around $7.04 bn).