The Kuwait Asset Management Company (KAMCO) held a transparency presentation on Thursday disclosing significant figures of its financial statement for the year ending December 2008.
Organized for shareholders, companies and the media, and on behalf of the KAMCO Board of Directors, Chief Executive Officer Saadoun Ali addressed all attendees with optimism for a bright future.
He said that the company successfully maintained a bright outlook throughout its 10 years of serving clients and preserving financial strength. Considering the current global economic crisis, he added that KAMCO has been able to remain relatively secure with a high liquidity of 14 million Kuwaiti dinars, regardless of the unexpected downfall of the economy in 2008.
"We are currently under no severe pressure, and although the market will need some time to regain its strength, KAMCO is eager to sustain stability and strength. Our success to do so is visible in the companys results," commented Ali.
In 2008, value was added to the company by restructuring KAMCOs healthcare interests through a KD 100 Million Share Capital United Healthcare Company transaction, and so client assets rose by six percent to KD 2.6 billion.
Plans on adding value into the future of the company were also discussed as Chairman, Masaud Hayat, identified suitable opportunities for strategic expansion into Saudi Arabia and North Africa; "Though we did not reach outrageous profits in the last year, we also managed to avoid outrageous losses, thus accomplishing stability," stated Hayat.
The main objectives of the company were outlined by Ali which are asset management, investment banking and research management, all spiraling down to the main focus ?
investment. The necessity of keeping cash as an emergency was touched upon as a personal source, followed by a statement stating the completion of 5.7 billion U.S. dollar transactions.
The company is finalizing an acquisition in North Africa and would look at buying a Saudi investment firm next year, its chief executive said on Thursday.
"(The firm) is small in size but our presence in that region is important," Saudoun Ali said on the sidelines of a shareholder meeting, referring to the companys plans in North Africa.
He added that KAMCO, the asset management arm of investment firm Kuwait Projects Co (KIPCO), had halted talks with unnamed partners to buy 75 percent of a Saudi investment firm, but might resume and conclude those discussions next year.
Both the Chairman and Chief Executive expressed their absolute faith in the transparency of others and in regards to KAMCOs positive results future studies will be conducted for company expansion.
The offering, due in 2018, was increased from an initial
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