March 31, 2023

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Ali Al-Ghanim Automotive wants to offer 35% to 45% of its stake in Kuwait

Ali Al-Ghanim Automotive wants to offer 35% to 45% of its stake in Kuwait

Al-Arabiya learned from reliable sources that Ali Al-Ghanim & Sons wanted to list Kuwait Automotive Company. Kuwait Stock Exchange Wants to provide 35 to 45% of its capital.

The company has appointed 3 international and local companies to manage the listing process, which is expected to take place next May.

Ali Al-Ghanim is considered one of the oldest and largest Kuwaiti family companies, founded in 1960 by Ali Al-Ghanim, Chairman of the Company’s Board of Directors, former Chairman of the Chamber of Commerce. The company is a dedicated agent for BMW, Land Rover, Rolls-Royce, McLaren, Mini Cooper, Geely and Great Wall, as well as a major partner for major international companies in the oil, batteries and tires industry. Two BMW agencies in Iraq and Egypt. As the company’s website shows, the company has other financial resources coming from other sectors such as maintenance, spare parts, parts and body repair shops.

Sources told Al Arabia that the company has a steady revenue from car sales and after-sales services.

He said the purpose of the offer was to put the family company on the path of international companies by listing its shares in the stock market, which would allow it to acquire more international companies and expand further outside Kuwait. It will also allow local and international investors and banks, in particular, to liaise with international companies in the automobile industry and to make its financial statements transparent.

The sources further said that the compliance of the company with the management standards of the company has facilitated the listing procedures as these procedures are expected to be completed soon.

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