By: Ahmad Awad
Kuwait-Mubasher: Al Imtiaz Investment Group will continue to restructure its subsidiaries through a merger of companies, in order to exit a number of non-major investments, said CEO Nawaf Marfy.
Speaking to Mubasher, the CEO clarified that Al Imtiaz focuses on four key sectors, namely education, health, oil and gas and real estate.
Al Imtiaz has 10 partner companies as well as 19 subsidiaries across many countries, including Qatar, Jordan, and the UK, Marfy said, noting that the company will be focusing on the operating performance during 2016.
The company’s liabilities decreased to KWD 67 million ($221.94 million) from KWD 91 million ($301.45 million) during 2015, the CEO added. Meanwhile, liabilities may witness a growth due to the expansions in subsidiaries.
Al Imtiaz is still discussing the investment in the Kuwaiti government’s sukuk which will be offered to finance the budget deficit.
The CEO noted that Al Imtiaz Investment has submitted a grievance to the Capital Markets Authority (CMA) regarding the delisting of Human soft, in which Al Imtiaz owns 24.39% stake. He added that legal steps will be taken to preserve the shareholders’ equity.
Translated by: Ingy ElSafy
