Al-Hossam Legal Facilitates KIPCO’s Divestiture of Gulf Insurance

Al-Hossam Legal, played a pivotal role in Kuwait Projects Company’s (KIPCO) strategic move to divest its 46.32% holding in Gulf Insurance Group K.S.C. (GIG). The transaction, valued at an impressive US$860 million, witnessed Fairfax Financial Holdings Limited significantly increasing its equity interest in GIG from 43.69% to a commanding 90.01%.

This landmark deal, meticulously executed through Off-Market Trades, adhered to stringent regulatory requirements. Approvals were secured from authoritative entities including the Kuwait Capital Markets Authority (CMA), the Kuwait Competition Authority, the Insurance Regulatory Unit, and Boursa Kuwait.

What makes this transaction truly historic is that it marks the first instance where a non-GCC entity has acquired a majority share in a publicly listed company on Boursa Kuwait. Al-Hossam Legal’s expertise in navigating complex legal and regulatory landscapes was instrumental in achieving this milestone. The firm’s acumen in high-caliber corporate mergers and acquisitions underscores its commitment to facilitating international investment within the Kuwaiti marketplace and beyond.

Hossam Abdullah (pictured) is the Legal Counsel & Managing Partner for the firm