Kuwait: Brusakwait witnessed the listing of Arialganim & Sons Automotive Company KSCC on Tuesday, marking a historic milestone as the first family-owned company and car agency to be listed on the Wangan Market-wide exchange. The company said the public offering that took place a few days ago was oversubscribed about 11 times. This reflects investor confidence given the high demand during the subscription process for 45% of the company’s stock.
The company’s decision to go public on the stock market was in line with a positive approach to current global market trends and a positive outlook for the near future. Also, when most of the economic indicators reach the third generation, which indicates that public equity holdings dominate the investment scene, investment is made, especially in terms of stagnation of family-owned companies at both regional and international levels. We support the company’s vision of expanding its reach. Near future.
The company also said that its official listing on the Kuwait Stock Exchange stems from its responsibility as a leading company aimed at adopting the principles of transparency and governance throughout the region, especially in Kuwait. We also aim to expand the scope of our work and create unique employment opportunities for young people, while at the same time deploying the company’s considerable capabilities and outstanding executives to become an even more driving force in achieving that goal.
Fahad Ali Alghanim, Chairman of Ali Alghanim & Sons Automotive Company, emphasized listing on the exchange and said the outstanding demand from domestic and foreign investors witnessed during the subscription process underscores their deep-rooted confidence in the company. Said. This, in turn, brings Substantial Responsibility to Ali Alghanim & Sons Automotive Company to ensure that stakeholder needs are enthusiastically met.
“We are proud to be the first family-owned Gulf car company to be listed on one of the region’s major stock exchanges, and we are proud of the added value and true benefits it brings. Because I believe, I hope other family businesses will follow suit. To the national economy, “Arganim added.
Alghanim attributed the reasons for taking this step to the challenges faced by family-owned businesses around the world, with key indicators being that about 70-80% of world-class family-owned businesses are in the third generation. It was revealed that it was showing that it collapsed and declined as it reached. Not only are they exposed to some problems as a result of generational inheritance and diversity of perspectives.
“Therefore, given the fact that listed companies enjoy a high level of transparency and governance, it turns out that it is wise to take advantage of these experiences and list on the Kuwait Stock Exchange. This supports the business’s plans to expand its business both inside and outside Kuwait and ultimately increase revenue and profits, “he said.
Ali Alghanim & Sons Automotive is the official distributor of BMW, Land Rover, Rolls-Royce, McLaren, Geely and Great Wall Motor in Kuwait and owns a well-known international organization in the fields of oil, batteries and tires. The company is also a major shareholder of both BMW and Mini in Iraq and Egypt.