Alghanim Industries Group Company (Kutayba Yousef Al-Ghanim) is gearing up for a possible listing on Boursa Kuwait Stock by increasing the Company's capital and the number of its shares.
The Group’s Executive Chairman, Kutayba Al-Ghanim, announced last August in a letter addressed to the Company’s employees that the Group was considering to offer a minority stake in the Kutayba Al-Ghanim Group “Al-Ghanim Industries” in an IPO on the Premier Market of Boursa Kuwait.
Alghanim Industries raised its authorized, issued, and paid-up capital by KWD 82.9 million from KWD 2.1 million distributed over 21 million shares, at a nominal value of 100 fils per share. The Company’s capital after the increase stands at KWD 85 million, distributed over 850 million shares, according to news published by Al-Anba Newspaper. The Company's Annual General Meeting (AGM) assembly approved the capital increase last Wednesday.
The Company amended Article (8) of the Memorandum of Incorporation and Article (5) of the Articles of Association as follows: “The Company’s authorized and paid-up capital was set at KWD 85 million distributed over 850 million shares, at a nominal value of 100 fils per share, and all shares are in cash.”

Alghanim Industries aims to raise about USD 1 billion from a potential IPO on Boursa Kuwait. The group is cooperating with banks, including Credit Suisse, on a possible listing, and is in talks with other regional and international banks regarding its potential offering, as per Bloomberg.

It is worth noting that Alghanim Industries Companies operating model includes 6 main sectors, spanning across 18 main areas of business activities from buying, selling, leasing and providing after-sales services for cars, to steel industries, tourism, travel, financial and engineering services.