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Global Investment House (Global) announced that its alternative asset management arm, Global Capital Management (GCM), concluded a successful exit from the controlling 93.27 percent stake in Jordan Trade Facilities Company (JOTF) owned by Global MENA Financial Assets Ltd. (GMFA), an investment fund managed by GCM, and associated companies.
The transaction was completed on Sept. 6, generating a net amount of $29 million and a new board was elected on Thursday (Sept. 22) to represent the new shareholder.
GMFA acquired a majority stake in JOTF in 2008, just a few months before the international financial crisis.
Mohammed Zaki Al-Masri, senior director at GCM, commented: “We are proud to have successfully prepared the foundation for the new growth stage, developed a transparent and professionally run organization with proper governance systems and structures in a competitive sector and creating an extremely capable management team that can continue to grow and take this company forward.”
On the exit route taken, Al-Masri noted: "Given the subdued capital market volumes, especially at the Amman Stock Exchange, the sale to a financial investor would not have yielded as attractive an exit as a sale to a respected and strategic buyer. It was also very important for the fund management team to choose a buyer who can create the synergies that will enhance the value of the company and will unlock hidden value. In the case of JOTF, the strategic merger with a financial institution such as Invest Bank was an ideal strategy."
Sulaiman Mohammed Al-Rubaie, managing partner of GCM, remarked: "We are extremely delighted to have completed this exit, and providing our investors with liquidity in such challenging geopolitical and economic environment."
Global has completed 25 exits within its private equity divisions since 2010, which is the highest among all private equity firms in the region
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