Kuwait, May 13, 2015 — Watani Investment Company KSCC (NBK Capital), the investment banking arm of the National Bank of Kuwait, and Mezzan Holding KSCC, one of the largest manufacturers and distributors of food, beverage, FMCG, and pharmaceutical products in the Gulf, announced today the successful closing and oversubscription exceeding two times, of the private placement of a secondary offering of 30% of the Mezzan Holding.
Led by NBK Capital in its capacity as the lead manager, Mezzan Holding’s private placement raised was completed yesterday, and raised KD65.823 million through the sale of 88.95 million shares. The offering presented investors with access to one of the most defensive, protected and private sectors in the Gulf through one of the largest operators in this sector.
NBK Capital CEO Faisal A. Al Hamad, said “The placement generated strong demand from local retail investors and private companies and local, regional and global institutional investors, government investment arms, fund managers and corporates. The success of this placement reflects the growing interest in accessing Kuwait’s and the Gulf’s food and FMCG sector, which continues to be controlled by a handful of private, family-owned companies. With this private placement, and the coming listing, Mezzan Holding will be one of the few companies in the Gulf that provides investors with deep access to this defensive sector.”
Mezzan Holding Chairman Khalid Jassim Al Wazzan, said, “We are pleased to announce the on-schedule closing and oversubscription of the secondary offering and look forward to becoming a publicly traded company on the Kuwait Stock Exchange. With the listing of our 70-year old company, we ensure the company’s success in the future and reinforce the company’s position as one of the pillars of the Kuwaiti economy.”
The offering’s objective was to expand the company’s shareholder base ahead of the previously-announced planned listing. Mezzan Holding was granted preliminary listing approval from the Capital Markets Authority on March 26 and now intends to list on the Kuwait Stock Exchange next month.
Mezzan Holding manufactures and distributes products from over 358 leading consumer brands, including consumer favourites such as Kitco chips and snacks, Country Rice, Khazan meat products, Al Wazzan Rice and, Al Wazzan Canned Tuna, Aqua Gulf, Pillsbury, Green Giant, Sara Lee, Betty Crocker, Tabasco. The company is also the exclusive distributor of Starbucks chilled products, Johnson & Johnson, Dettol cleaning products, Kleenex, Listerine, Pif Paf, Huggies, Clearasil, Neutrogena, Zyrtec, Tylenol, Olfen, Misporin, Gaviscon, and hundreds of other products in Kuwait as well as Red Bull in the UAE.
Mezzan holding registered a net profit of KD16.1 million in 2014, up 22.9% from 2013, and revenue of KD182.5 million, up 28.2% from 2013.
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About Mezzan Holding
Mezzan Holding is one of the largest manufacturers and distributors of food, beverage, FMCG, and pharmaceutical products in the Gulf. The company operates 29 subsidiaries and is operationally structured into two primary business lines: the Food Business Line and the Non-Food Business Line. With both business lines combined, the company manufactures and distributes over 358 leading consumer brands, including consumer favourites such as Kitco chips and snacks, Country Rice, Khazan meat products, Al Wazzan Rice and, Al Wazzan Canned Tuna, Aqua Gulf, Pillsbury, Green Giant, Sara Lee, Betty Crocker, Tabasco. The company is also the exclusive distributor of Starbucks chilled products, Johnson & Johnson, Dettol cleaning products, Kleenex, Listerine, Pif Paf, Huggies, Clearasil, Neutrogena, Zyrtec, Tylenol, Olfen, Misporin, Gaviscon, and hundreds of other products in Kuwait as well as Red Bull in the UAE.
Mezzan Holding is headquartered in Kuwait and operates in Kuwait, UAE, Qatar, Saudi Arabia, Iraq, Jordan, and Afghanistan.
Reporters may contact:
Fawaz Al Sirri | Bensirri Public Relations | fawaz@bensirri.com | 00965 66622448
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