Kuwait’s Alghanim Industries eyes IPO – News

The family business formerly known as Kutayba Alghanim Group operates in sectors including building materials, retail, automotive and financial services.



Alghanim owns the franchise rights for Chevrolet and Cadillac, Honda and Lotus, Ford and Lincoln, among other car brands. — File photo

By Reuters

Published: Sun, August 7, 2022, 5:00 PM

Last update: Sun 7 August 2022, 17:01

Kuwaiti conglomerate Alghanim Industries is considering selling a minority stake in the company through an initial public offering, according to an internal memo seen by Reuters.

The family business, formerly known as Kutayba Alghanim Group, is exploring the idea of ​​an IPO on the Kuwait Stock Exchange, the memo said.

“I strongly believe that the scrutiny and regulations inherent in a journey to public listing will make us even stronger and ensure the continuity of our organization,” said Executive Chairman Kutayba Alghanim.

Alghanim operates in sectors such as building materials, retail, automotive and financial services.

It holds the dealership rights for Chevrolet and Cadillac, Honda and Lotus, Ford and Lincoln, among other car brands. The company also holds franchise rights to Costa Coffee in Kuwait and Wendy’s in the Middle East.

Gulf issuers raised more than $11 billion from IPOs in the first half of this year, according to Refinitiv data, outpacing European IPOs even as global markets remain volatile in the wake of the Russian invasion of Ukraine. — Reuters

About Tammy N. McFarlane

Check Also

Project Market in UAE Hits $3.7 Billion in Q3; overtakes Saudi Arabia as construction sector rebounds – News

In the UAE, the construction sector once again accounted for the largest share of new …