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Eng Fahad Ali Al Ghanim

Alghanim Sons Automotive Company lists on Boursa Kuwait

KUWAIT, June 7, 2022

Boursa Kuwait on June 7 saw the listing of Alghanim & Sons Automotive Company, marking a milestone as the first family-owned automotive firm to be listed on an exchange across the Gulf markets. 
 
The company stated that the public offering, which took place a few days earlier, was oversubscribed about 11 times, mirroring investors’ trust, reflecting the high demand during the subscription process on 45% of the company’s shares. 
 
The company also stated that the official listing on the Kuwait bourse stems from its sense of responsibility as a leading company in the region in general, and in Kuwait specifically, which aims to adopt the principles of transparency and governance. It also seeks to expand its scope of work, which will contribute to creating unique employment opportunities for youth, while deploying the company’s considerable capabilities and exceptional cadres that represent a further driving force enabling it to fulfil its stated objectives.
 
Deep-rooted trust
Eng Fahad Ali Al Ghanim, Chairman of Ali Alghanim Sons Automotive Company, said: “The outstanding demand of local and foreign investors witnessed during the subscription process clearly demonstrates their deep-rooted trust in the company. This in turn, puts a substantial responsibility on Ali Alghanim to ensure stakeholder needs are diligently met. 
 
“We take pride in being the first family-owned gulf automotive company to be listed on one of the region’s leading stock exchange and we hope to see other family companies follow suit, as we strongly believe in the added value and true benefits it brings to the national economies,” Alghanim added. 
 
Alghanim spoke about the challenges faced by family-owned companies worldwide, clarifying that key indicators show that around 70%-80% of family-owned companies on an international level are collapsing and faltering as they reach the third generation, as well as being subject to several issues as a result to the succession of generations and diversity of viewpoints. 
 
Transparency
“Accordingly, we found it prudent to make use of these experiences and list the company on Boursa Kuwait, taking into account the fact that listed companies enjoy a high level of transparency and governance. This supports the business’ plans to expand inside and outside of Kuwait, and eventually increasing revenues and profits.”
 
Alghanim Sons Automotive is the official agent for BMW, Land Rover, Rolls-Royce, McLaren, Geely and Great Wall Motors in Kuwait, in addition to owning renowned international agencies in the fields of oil, batteries, and tyres. It is also a key shareholder in both BMW and Mini in Iraq and Egypt.-- TradeArabia News Service
 



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