Kuwait’s Alghanim Industries considering flotation on stock market -memo

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KUWAIT CITY — Kuwait conglomerate Alghanim Industries is considering selling a minority stake in the company through an initial public offering, according to an internal memo seen by Reuters.

The family business formally known as Kutayba Alghanim Group, is exploring the idea of a flotation on the Kuwait stock exchange, the memo said.

“I strongly believe that the scrutiny and regulations inherent in a journey to public listing will make us even stronger and ensure the continuity of our organization,” executive chairman Kutayba Alghanim was quoted as saying.

Alghanim operates in sectors including construction materials, retail, automotive and financial services.

It owns dealership rights to Chevrolet and Cadillac, Honda and Lotus, Ford and Lincoln among other car brands. The company also has franchise rights to Costa Coffee in Kuwait and Wendy’s Middle East.

Gulf issuers raised over $11 billion from IPOs in the first half of this year, according to data from Refinitiv, exceeding European flotations even as global markets remain volatile in the wake of Russia’s invasion of Ukraine. (Reporting by Ahmed Hagagy; Editing by Susan Fenton)

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