Mubasher: Global Investment House said that its alternative asset management arm, Global Capital Management, has concluded a successful exit from the controlling stake in Bindar Trading and Investment Company, listed on Amman Stock Exchange (ASE).
Global is a regional asset management and investment banking firm headquartered in Kuwait with offices in major capital markets across the MENA region.
This stake was sold at a sizeable premium above the quoted price through two of its managed funds, Global MENA Financial Assets Limited (GMFA) and GIMBAL Holding, according to a recent statement.
“GMFA acquired a majority stake in Bindar in 2008, just a few months before the international financial crisis, which tremendously impacted the consumer finance industry in the Middle East as well,” Global said.
Sulaiman Al Rubaie, deputy CEO of Global Investment House and Managing Partner of GCM said, "The strong financial position, net income and quality of the loan portfolio made Bindar an ideal target for the acquirer, Tamkeen, a subsidiary of Investbank.
“GCM team has demonstrated its capabilities in managing, growing and exiting assets across diverse sectors and in challenging market conditions. Almost all the GMFA exits have been at substantially higher than the carrying values and for the listed companies at sizeable premium above the quoted prices,” Zakir Rizvi, partner at GCM and Fund Manager of GMFA commented.
