Al-Arabiya sources: “Ali Al-Ghanim Automotive” intends to offer 35% to 45% of its shares in Kuwait

Al Arabiya has learned from reliable sources that Ali Al-Ghanim & Sons Kuwaiti Automotive Company intends to go public on the Kuwait Stock Exchange, where it intends to offer between 35 and 45% of its capital, to become the first family-owned auto agency company to be listed. in the Gulf region.

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

The Ali Al-Ghanim Company is considered to be one of the oldest and largest Kuwaiti family businesses and was founded in 1960 by the company’s Chairman of the Board, Ali Al-Ghanim, former head of the Chamber of Commerce. The company is the exclusive agent of BMW, Land Rover, Rolls-Royce, McLaren, Mini Cooper, Geely and Great Wall, as well as the main international agencies in the field of oils, batteries and tires, as well as a major shareholder of the two BMW agencies. in Iraq and Egypt. The company has other financial resources that come from other sectors, namely maintenance, spare parts, accessories and bodywork, as the site shows web of the company.

Sources told Al Arabiya that the company has stable revenues from the sales of auto and services post-sale.

He added that the aim of the offer is to put the family business on the path of international companies by listing its shares in bag, in how much this would allow it to obtain more international agencies and further expand outside Kuwait. It will also allow you to present your financial statements in a transparent way to investors and to local and international banks, especially since it deals with international companies in the automotive sector.

The sources added that the company’s respect for standard corporate governance helped facilitate listing procedures, as these procedures are expected to be completed shortly.

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