First Kuwaiti Company to be listed on the London Stock Exchange

The Offer was oversubscribed and raised approximately $1.15bn for Global.

The announcement came in a press conference held by Global, attended by Mrs. Maha K. Al-Ghunaim, Chairperson and Managing Director of Global who said 'Today, Global has entered a new era and has become a key and bigger player in the MENA region'.

Al-Ghunaim added

'This issue is considered to be the first of its kind for a Kuwaiti company to be listed on the London Stock Exchange; we are delighted by the high level of investor demand for the Offer. Investors have recognized the strength of Global's business and the considerable potential for growth in the asset management and financial services market in the GCC and MENA region, and the Offer has provided us with the additional equity to capitalize on these opportunities.'

Al-Ghunaim further clarified that with the listing of the GDR on the London Stock Exchange, Global's stocks will be traded in four different stock markets which are Kuwait, Bahrain, Dubai, and London. This will contribute to improving the company's level of transparency and corporate governance to international standards, as well as allowing international investment companies and foreign investors to invest in the company.

Through this issue, Global's market capitalization is expected to reach a new high level of $5bn which makes Global the largest private sector investment company in the entire GCC and broader MENA region.

Additionally, Global is Kuwait's 7th largest company listed on the Kuwait Stock Exchange and ranks number 42 among the companies listed in GCC markets. The book value per share also increased from 326 Kuwaiti fils to 484 Kuwaiti fils (based on March 31st, 2008 financial statements).

Al-Ghunaim emphasized that the Kuwaiti government's revision of the tax law for foreign investors contributed to this achievement.

Global was the first Kuwaiti company that benefited from this amendment and advises other companies to take Global's lead, especially companies that aim to expand its operations outside Kuwait.

'Global's focus on the asset management and financial services markets opens the doors for growth opportunities, especially since they are expanding in the GCC and MENA region. Global will be able to benefit from this opportunity to expand geographically and develop our capabilities to provide an array of investment products and financial services which will attract foreign investors, added Al-Ghunaim.'
Al-Ghunaim said that the price of the GDR was set at %18.75 for each receipt. Each depository receipt represents five regular stocks.

The company's shareholders approved an increase in the company's capital on March 26, 2008 during the general assembly at the price of 930 Kuwaiti fils per share. A new price has been set at 995 Kuwaiti fils per share after the book building process which was approved by the general assembly held on May 18th, 2008.

She further added that the GDR will be deposited on the Official List of the United Kingdom Listing Authority and traded on the regulated market of the London Stock Exchange. The final copy of the prospectus was published on May 16th, 2008, and trading will begin on May 21st, 2008.

Global aims to use the net profit returns in the following activities which include financing the company's growth and expansion in the MENA region and co-investing in the funds that are managed by Global, while it simultaneously increases the size of the funds under its management for the short and medium term.

Global will also use the amount to acquire limited and selected companies that operate in asset management and commercial banking businesses. This will diversify the distribution channels as well as the financial products in the GCC and other emerging markets.

Regarding Global's expansion, Al-Ghunaim said 'Global aims to play a major role in the capital markets that it operates in by launching services and products with added value. Global will work to develop its products and services in these markets, particularly KSA, Egypt, and the UAE.

Global has 16 offices in the MENA region which include Kuwait, Bahrain, UAE, KSA, Qatar, Oman, Jordan, Tunis, Egypt, Sudan, Yemen, and Iran. Global is also present in Turkey, India, Pakistan, and Hong Kong.

Al-Ghunaim concluded 'We welcome new investors and look forward to further growth and continued value creation over time'.