DUBAI, (Reuters) – Kuwait’s Global Investment House said on Tuesday an investment unit planned to raise up to $500 million by selling shares in an initial public offering to tap economic growth in the Middle East region.
Global MENA Financial Assets Ltd is seeking to list the shares on the London Stock Exchange on or around July 18, Global said in an emailed statement.
Shares would be sold to “institutional and professional” investors including Gulf markets, it said.
After the transaction is complete, Global MENA would take over eight private equity investments from Global Investment House, it said.
Global MENA is investing in the financial sector in Middle East and North African countries such as Algeria, Egypt, Jordan, Lebanon and Kuwait and Saudi Arabia, it said.
JP Morgan Cazenove was arranging the sale as sole global coordinator, Kuwait’s biggest investment bank by market value said.
Global, which buys into companies and sells them through funds, raised last month $1.15 billion through selling global depositary receipts (GDRs) in London to fund an expansion in the Middle East.