KAMCO announces completion of subscription and allocation of the shares of AlRaya Investment Company

Due to the Intensive demand by individuals, institution and companies subscribing to the shares of AlRaya Investment Company, the company's capital was substantially oversubscribed, which reflects the investors' confidence in the founders' strategy and vision, particularly that the company targets a market that has not met so far due interest and attention from the regional Islamic institutions, which would help the company benefit from its position as a pioneer in this area.

"The high demand on subscription confirms the subscribers' confidence in the objectives adopted by AlRaya Company through introducing a selected package of Islamic Shari'a-compliant products and services, and investing them internationally, Said Masaud Mahmoud Jawhar Hayat, KAMCO Chairman. "AlRaya will focus on Islamic asset management in global markets, in addition to investment in all successful Islamic capital market activities throughout GCC and Middle East regions," he added.

In this context, Mr. Hazem Al-Braikan, Chairman of the Founders' Committee of AlRaya Company, stated that AlRaya increased it capital from KD17m to KD25m during the subscription period, following completion of all necessary formalities and obtaining the approval of all competent authorities.

The decision to increase the company's capital was adopted as a result of to the plan take advantage of the distinct investment opportunities available in the rapidly growing Islamic financial services sector, and in response to the company's tendency to expand its activity base, once established, especially that the company is in the process of studying several lucrative investments, in addition to increasing demand on subscription by investors within and outside Kuwait, as KAMCO (Issue Manager) sensed such demand during the subscription period. As a result, the company's capital was increased to KD25m, divided into 250 million shares, of 105 Kuwaiti Fils per share (including 5 Kuwaiti Fils as subscription fees).

Regarding the existing subscribers, AlRaya Company is distinguished for a diversified base of subscribers, including major banks and financial institutions in Kuwait and the region, in addition to a distinct group of prominent businessmen in Kuwait. Furthermore, Kuwait Projects Holding Group (KIPCO) owns about 21% of the company's capital, via its subsidiaries and affiliates.

Mr. Hazem Al-Braikan concluded his statement by extending thanks and appreciation to KAMCO for its role as issue manager. "The expertise KAMCO possesses in the area of corporate finance was one of the main reasons that motivated us to assign it as issue manager, not to mention the successes of previous subscriptions managed by KAMCO over the past years for a large number of companies," he concluded.