will also form a third corporate restructuring company
Faisal Mansour Sarkhou, Acting CEO of KAMCO
, said, "Our first quarter results reflect our operational progress and growth after undertaking extensive restructuring in 2012 in which we reduced our assets and debt".
04 trillion KRW) of non-performing Korean real estate loans held by KAMCO
to a U.
The uncertainty in equity markets during the second quarter slowed down the progress in the AMIB domain across the region, but KAMCO
continued to improve its core operational profits over the last year," CEO of KAMCO
Faisal Mansour Sarkhou said in the statement.
Established in 1998 with the mission to become a local and regional player, KAMCO
is one of the leading Kuwait-based Investment Companies.
The upcoming portfolio sale, KAMCO
Secured NPL 1999-1, will include defaulted mortgage loans backed by commercial and residential real properties, such as small-and medium-sized office, retail and commercial buildings; factories; small hotels; and single and multi-family housing.
The winning bids were formally announced at a press conference held by KAMCO
at 11am local time, Friday May 28, in Seoul, Korea.
During this year KAMCO
raised over KD 200 million in three bond issuances for clients, one of which was the largest corporate bond in Kuwait's history with the longest tenure seen.
's Acting CEO stated: "The completion of this Bond issue is an important occasion for KAMCO
and we are very proud of being a part of a bond issuance of this scale, not only for the Company, but on the level of the local capital markets.
This transaction marks the third time that both KAMCO
and NBK Capital have worked together in the local debt capital market, having previously cooperated in 2010 on the issuance of bonds by United Real Estate Company of KD40 million, and early in 2012 on the issuance of KD80 million bond by Kuwait Projects Company (KIPCO).
4 billion in 2012, positioning KAMCO
as one of the largest asset managers in the region.
We are proud to have played a leading role in such a momentous financial milestone, and we expect that this issuance will increase overall confidence in the Kuwaiti economy and investment banking sector especially, said Faisal M Sarkhou, KAMCO
s acting CEO.