KUWAIT CITY, Kuwait, June 8, 2022 /PRNewswire/ -- Meysan Partners served as sole transaction counsel in the $3 billion offering of Ali Alghanim Sons Automotive Company KSCP ("AAG"), a major family-owned automotive retailer and the largest player in the premium automotive retail industry in the State of Kuwait. The listing-which represented the region's first-ever family business offering-was 11 times oversubscribed.
Established in 1986, Ali Alghanim and Sons Automotive Company is a pioneer in the automotive sector and has grown to become home to some of the world's most luxurious automotive brands in Kuwait. Its facility extends over 22,000 square meters of land, and it operates one of the largest showrooms in the world.
Meysan Partners' advice-as sole transaction counsel-in connection with this landmark and complex transaction included the structuring of the business and the offering, the preparation of all documentation, and the procurement of all regulatory filings through closing of the offering and listing on Boursa Kuwait's premier market.
Dr. Abdulwahab Abdullatif Sadeq, Counsel at Meysan Partners said: "This one of a kind offering and the successful entering of a family-owned automotive retailer into the market at this time is a key milestone for both AAG and family businesses hoping to participate in the local capital markets in the State of Kuwait. AAG's offering represents an excellent precedent in the growth of the Kuwaiti market and economy. We are honored to have worked with AAG's shareholders and management, as well as the global coordinator and bookrunners who worked hard with us on this paramount transaction."
Partner and head of capital markets practice at Meysan Partners, Tarek Yahya, also commented: "We are pleased to have advised AAG on this remarkable transaction at a time when Boursa Kuwait regulations and the capital markets regulations have been upgraded for the better of the market. This transaction is another reflection of the strengths and capabilities of Kuwait's capital markets, and we are happy to have been part of this outstanding achievement."
Capital Markets Partner, Tarek Yehya, and Counsel, Dr. Abdulwahab Abdullatif Sadeq, co-led the transaction with the support of capital market team.
