MENA Homes Real Estate Company is a closed shareholding company with a paid up capital of KD1m which was set up to focus strategically on residential development in the MENA region.
The company is expected to increase its capital base to KD50m later in 2008 through a private placement offering that will be managed by KAMCO.
The expected offer price is KD0.105 per share to prospective investors in Kuwait and the GCC region.
"We have identified a real market opportunity in the provision of specialized residential units in the MENA region and intend to maximize the return on this opportunity. Our confidence in our ability to provide successful real estate solutions is complemented by KAMCO's financial investment service capabilities," said Abdulaziz Al Failakawi, Vice CEO at United Real Estate Company.
"We are delighted to be working together again on such a project with KAMCO, which is not only a fellow KIPCO Group member company but also a trusted advisor."
Extensive research conducted by KAMCO on behalf of its client indicated a significant potential in the residential segment for mid to high-end housing, especially in Jordan, Egypt and the GCC region.
MENA Homes Company was set up in April 2008 by United Real Estate Company, a KIPCO Group company as an anchor founder, to address the significant gap identified in the supply and demand of such specialised residential units.
"We are pleased to have been appointed as financial advisors by United Real Estate Company on this exciting assignment which commenced with the establishment of MENA Homes Company and that will continue with the raising of more investment capital through a private placement offering later this year," said Mr. Saudoun Ali, CEO at KAMCO.
"Our team is highly experienced in providing expert advice and support for structuring such projects and we are looking forward to contributing to the success of such a worthwhile venture."
MENA Homes will continue to be an integral part of the URC Group and the proceeds of the share capital increase shall be directed towards future targeted acquisitions and projects in the residential segment across the MENA region.
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United Real Estate Company appoints KAMCO as financial advisor of new real-estate company
- Kuwait: Monday, June 23 - 2008 at 15:13
- PRESS RELEASE
United Real Estate Company ("URC") appointed KIPCO Asset Management Company ("KAMCO") as financial advisor in the establishment of MENA Homes Real Estate Company, a new real estate development company focused on the development of mid to high-end residential housing in the Middle East and North Africa (MENA) region.
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About KAMCO:KAMCO is a premier investment company that provides innovative and performance driven financial solutions for its clients since 1998. A KIPCO Group investment banking subsidiary, KAMCO has assets of KD2.28bn under management or control, a portfolio of some 825 companies and individuals, and about 110 employees throughout its operations.
KAMCO has been publicly listed on the Kuwait Stock Exchange since 2003 and provides its clients with easy access to local and international capital markets, as well as a comprehensive selection of financial services.
KAMCO focuses on asset management (including brokerage services, tailored portfolio management, forward trading, IPOs, local and international fund management etc.) and financial services comprising the full range of corporate finance advisory services (including mergers and acquisitions, underwriting, private placements, strategy development and strategic planning, project and investment evaluation and consulting as well as private equity.)
Headquartered in Kuwait, KAMCO's core operating companies include United Industries Co. (UIC) the specialized industrial investor in the oil, gas and foodstuffs sectors of the GCC and the region.
About URC:
United Real Estate Company is a Kuwaiti real estate shareholding company established in the year 1973 and listed on the Kuwait Stock Exchange. With more than 35 years of experience in the real estate sector and being part of the KIPCO group, URC has become one of the major real estate players in Kuwait and the region. As of 31 December 2007, the company has a total paid-up capital of KD78.80m and a total asset base of KD243.50m.
Posted by Eman HassanMonday, June 23 - 2008 at 15:13 UAE local time (GMT+4)
Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of AME Info FZ LLC / Emap Limited.
This article was updated on Tue Jun 24 2008.
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