At the meeting held in Kuwait, apart from MFC’s introduction to KIPCO group major companies, UGB, MFC and the KIPCO group companies, explored various strategic objectives and discussed various synergies, future initiatives and action plans going forward.
MFC has, in a short period of time, become one of the most active investment banking companies in the region, and advises prominent corporations and governments on major M&A transactions, private equity placements and capital market operations in the GCC region and other geographies.
MFC recently launched a family of seven private equity funds: Millennium Private Equity (MPE), which aims to raise $5bn in funds from what is purported to be the largest Private Equity initiative in the Middle East and Africa region.
Two of the funds (in which UGB is one of the sponsors), Global Energy Fund and the Telecoms, Media & Technology (“TMT”) Fund, each targeting US$1 billion in equity, have recently announced their first closing on 21 April 2008.
As the investment banking arm of the KIPCO Group, UGB manages proprietary investments in real estate, private equity, structured products and quoted securities in addition to providing wealth management and investment banking services.
As of March 2008, assets under management exceed $9.6bn (year end 2007 $8.5bn).
UGB and its subsidiary KAMCO have a proven track record of successfully completing around 50 investment banking transactions for its clients since 2001 with an aggregate value of over $7bn including corporate finance, advisory, new issue placement and underwriting, corporate restructuring, bond issuance and merger and acquisition.
UGB recently announced the divestiture of its commercial banking assets to Burgan bank (another KIPCO group member) and intends to sharpen its focus on growing its network of regional investment companies which now include KIPCO Asset Management Company (KAMCO), Millennium Finance Corporation, United Gulf Financial Services Company, United Gulf Bank Securities Company, Royal Capital Company, Manafae Investment Company, North Africa Holding Company, Syria Gulf Investment Company, Zumorroda Ijarah Finance Company and Al Raya Investment Company.
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