CGC appoints KAMCO to advise on flotation

Kuwaiti construction company to go public.

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By  Sean Cronin Published  May 7, 2005

Kuwait construction group Combined Group Company has appointed KAMCO Asset Management to advise on its imminent public share offering. It is the latest contractor in the region to go to the market. The contractor has operated in the Kuwait market for 40 years, and has developed major building and infrastructure projects throughout the region. It is also involved in the operation and maintenance of sanitary treatment plants, petrochemical industry projects, mechanical works and industrial plants. CGC presently has over US $513 million (KD150 million) worth of projects in hand. Combined Group chairman, Sulaiman Al Hamad, said: “Combined Group Company has become a major force in the booming construction sector in Kuwait and the region. “In this, the company’s 40th anniversary year, it has been decided to broaden the company’s shareholder base by offering new investors the opportunity to participate in CGC’s success.” The proposed private placement of 25% of the company’s shares will be made available by KAMCO to invited investors only. The private placement is expected to take place before the end of June 2005, with an application for listing of the company’s shares by the end of 2005, subject to fulfillment of listing conditions.

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