Expansion with CEB for Kawar
Jordan-based Kawar Group is planning to raise nearly U$30million through a share issue to finance the regional expansion of its recently-acquired Al-Faris — a publicly-listed group — with IT systems integrator CEB within its operation.
CEB, one of the few listed IT companies in the Middle East and the first to do so on the Jordan Stock Exchange earlier this year, will use the capital raised to go on an aggressive acquisition route to expand its footprint in key regional markets, with Saudi Arabia being the main target.
“We’re also planning to expand and diversify the company’s operations to provide regional consulting and outsourcing services,” said Rudain Kawar, CEO, Kawar Group, a privately-owned, broad-based company whose interests include shipping, healthcare and travel, and which owns close to 80% of Al-Faris.
“We were interested in CEB because we see great potential in the company. Jordan is a very fragmented IT market and CEB, as a company that’s been around for more than 25 years, is one of the stronger players there and we intend to build on the CEB brand to address markets — specifically the mid-market sector — throughout the region,” he claimed.