Global Investment House (Global), a regional asset management and investment banking firm headquartered in Kuwait, with offices in major capital markets in the MENA region, announced today that its alternative asset management arm, Global Capital Management (GCM), has concluded a successful exit of its controlling stake in Al Jazeera Steel Products Company, a Omani company listed on Muscat Securities Market.
The transaction was concluded on Sunday, March 25, 2018 and the full ownership held through GCM’s managed fund, Global Buyout Fund, was transferred to the acquirers Shaikh Suhail Bahwan and Shaikha Amal Suhail Bahwan, Chairman & Vice Chairperson of Suhail Bahwan Group, respectively. The Investment Banking team at Global was the sell-side advisers to the Fund in this Merger & Acquisition transaction.
Sulaiman Mohammed al Rubaie, Deputy CEO of Global Investment House and Managing Partner of GCM commented on this exit: “We are extremely delighted to have completed this exit and provide our investors with liquidity in such challenging geopolitical and economic environment. We expect to distribute the proceeds from this transaction to clients investing in the Fund within the second quarter of 2018.”
The fund acquired 51 per cent stake of Jazeera Steel in 2007 and the management team of GCM implemented a growth programme for the company. The programme focused on enhancing its penetration in regional and international markets namely Saudi Arabia and North America, diversifying its product offerings by developing new product lines, strengthening the balance sheet and improving the corporate governance structure.
During the past five years, Jazeera Steel managed to maintain its growth trajectory despite tough financial and economic times, thanks to the robust strategy and management team.
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