Al-Arabiya learned from reliable sources that Ali Al-Ghanim & Sons Kuwaiti Automotive Company intends to list in Kuwait Stock Exchange Where it intends to offer between 35 to 45% of its capital, to become the first family company for car agencies 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.
Ali Al-Ghanim Company is considered one of the oldest and largest Kuwaiti family companies. It was founded in 1960 by the Chairman of the Board of Directors of the company, Ali Al-Ghanim, the former head of the Chamber of Commerce. The company is the exclusive agent for BMW, Land Rover, Rolls-Royce, McLaren, Mini Cooper, Geely and Great Wall, in addition to major international agencies in the field of oils, batteries and tires, as well as a major shareholder in the two BMW agencies in Iraq and Egypt. The company has other financial resources that come in other sectors, namely maintenance, spare parts, accessories, and body repair shops, as the company’s website shows.
The sources told Al Arabiya that the company has stable revenues from car sales and following-sales services.
She added that the aim of the offering is to put the family company on the path of international companies by listing its shares on the stock exchange, as this would allow it to obtain more international agencies and expand further outside Kuwait. It will also allow it to present its financial statements in a transparent manner to local and international investors and banks, especially as it deals with international companies in the automobile industry.
The sources added that the company’s compliance with corporate governance standards helped facilitate the listing procedures, as these procedures are expected to be completed soon.
