Kamco Invest successfully advises QPIC in purchasing 9% of ATC’s capital

Kamco Invest successfully advises QPIC in purchasing 9% of ATC’s capital

Kuwait: Kamco Invest, a regional non-banking financial powerhouse, acted as the Partial Purchase Offer Manager to Qurain Petrochemical Industries Company (QPIC) in purchasing a 9% stake in Advanced Technology Company’s (ATC). This transaction marks the first acquisition by way of Partial Purchase Offer completed in Kuwait pursuant Module 9 (Merger and Acquisition) of the Executive Bylaws of Law No. 7 of 2010 regarding the establishment of the Capital Markets Authority (CMA) and its Executive Bylaws, as amended.

This Partial Purchase Offer is in line with QPIC’s strategy to diversify its investments, while simultaneously focusing on the healthcare sector as one of the defensive sectors. The transaction involved QPIC offering the shareholders of ATC the purchase of 13.5 million shares, representing 9.0% of the share capital of the company, at a price of 500 fils per share.

Abdullah M. AlSharekh, Managing Director of Markets and Investment Banking at Kamco Invest, said, “This marks the first Partial Purchase Offer transaction in Kuwait, following the recent amendments on the Executive Bylaws concerning partial purchase transactions. The amendments now permit shareholders to purchase additional stake in the company by a minimum of 5% to increase their holdings to reach between 30% to 50% of the company’s