Combined Group Company appoints KAMCO as its Financial Advisor for upcoming Private Placement and planned listing on the Kuwait Stock Exchange

In its 40 years of operation, Combined Group Company (CGC) has established itself as one of the leading construction companies in Kuwait and is also active in a number of overseas markets. CGC carries out a wide variety of projects including the construction of roads and sewers, infrastructure, bridges, expressways, buildings construction, housing projects and oil pipelines and oil projects. In addition, the company is engaged in the operation and maintenance of sanitary treatment plants, petrochemical industry projects, mechanical works and industrial plants. CGC presently has over KD 150 million worth of projects in hand.

KAMCO is one of Kuwait's premier investment company with extensive experience of corporate finance, having arranged the successful private placement and listing of five companies on the Kuwait Stock Exchange in the last two years.

Combined Group chairman Sulaiman Al Hamad commented: "Combined Group Company has, through the dedication of its management and staff, become a major force in the booming construction sector in Kuwait and the region. In this, the company's 40th anniversary year, it has been decided to broaden the company's shareholder base by offering new investors the opportunity to participate in CGC's success. We are pleased to be entrusting this task to KAMCO, based on their track record and extensive corporate finance expertise."

KAMCO chairman Masaud M. J. Hayat also commented: "KAMCO is proud to have appointed by Combined Group Company and we believe that the company will be of interest to investors due to its excellent operational and financial track record and the attractive and growing sector in which CGC operates. We also believe that that CGC will be a valuable addition to the Kuwait Stock Exchange offering investment exposure to this important sector to stock market investors."

The proposed private placement of 25 per cent of the company's shares will be made available by KAMCO to invited investors only. The private placement is expected to take place before the end of June 2005, with an application for listing of the company's shares by the end of 2005, subject to fulfillment of listing conditions. The actual terms and conditions of the private placement will be contained within the Private Placement Memorandum to be issued by KAMCO.