The Bank of New York Mellon has been selected by Global Investment House as depositary bank for its global depositary receipt (GDR) programme. Globals GDRs are the first ever depositary receipts to be issued by a Kuwaiti company. Each Global GDR represents five ordinary shares. The GDRs trade on the London Stock Exchange under the symbol GLOB. The ordinary shares are listed on the Kuwait Stock Exchange, the Bahrain Stock Exchange and the Dubai Financial Market, all under the symbol GLOBAL.
The Global GDRs and shares have not been registered under the U.S. Securities Act of 1933 and may not be offered or sold in the U.S. absent registration or an applicable exemption from the registration requirements.
The Global GDR program represents the largest ever DR capital-raising from the Middle East, with more than $1 billion raised.
Founded in 1998, Global is an asset management and investment banking company in the Gulf Cooperation Council (GCC) and the Middle East and North Africa regions. Global’s operations are divided into five business divisions: Asset Management, Principal Investments & Treasury, Investment
Banking, Real Estate, and Brokerage.
As we bring our GDRs to the global market, we want the support of the most experienced depositary bank, says Maha Al-Ghunaim, chairperson and managing director, Global. We believe The Bank of New York Mellon has the resources and expertise necessary to help our GDRs achieve the market visibility we seek.
This is a ground-breaking GDR program from Kuwait, and we are pleased to serve as depositary, says Michael Cole-Fontayn, chief executive officer, BNY Mellon’s Depositary Receipt Division. “We have extensive experience in pioneering new DR markets and look forward to helping Global elevate its profile internationally.
The Bank of New York Mellon’s Depositary Receipt business is conducted through The Bank of New York subsidiary, which acts as depositary for more than 1,300 American and global depositary receipt programmes, acting in partnership with companies from 63 countries. BNY Mellon has been conducting business in the Middle East and Africa for nearly 100
years. The Company has representative offices in Abu Dhabi, Beirut, Cairo, Istanbul and Johannesburg, and works with a wide range of banks, governments and other financial institutions throughout the region.