Mubasher: Global Investment House announced on Sunday that its alternative asset management arm, Global Capital Management, has concluded a successful exit of its 20% equity in Emirates Retakaful, of the parent organisation AXA Liabilities Managers, according to a recent press release.
Global and other shareholders that represent 75% ownership of Emirates Retakaful have worked together during the past months to conclude this exit transaction and transfer the 20% equity to the acquirer AXA Liabilities Managers, an AXA Group company specialising in non-life reinsurance legacy business acquisition and management.
“The transaction was concluded at book value which is higher than the average multiples in the insurance sector in the GCC,” Global said in the press release.
CEO of Global Investment House and managing partner of GCM Sulaiman Mohammed Al Rubaie commented on this exit saying, "We are proud to have successfully attracted international players into the regional re-insurance sector, thanks to the reinsurance international practices the company follows. We are confident that the commitment, track record, and expertise of the acquirer will provide Emirates Retakaful with the required support and guidance.”
It is noteworthy that Kuwait’s Global is a regional asset management and investment banking firm headquartered in Kuwait, with offices in major capital markets in the Middle East and North Africa (MENA) region.
