Jassim Transport and Stevedoring Company KSC (“JTC”) listed on Boursa Kuwait’s main market.
Kuwait – [●] 18 October 2021: ASAR – Al Ruwayeh & Partners (“ASAR”), Kuwait’s leading and most prominent corporate law firm and one of the region’s top tier firms, is pleased to announce that it acted as legal advisor to Jassim Transport and Stevedoring Company KSC (“JTC”) on its successful listing on Boursa Kuwait’s main market.
JTC was established in 1979 as an inland transportation company and has evolved into one of the largest integrated logistics & equipment leasing companies in the GCC over the years. The initial public offering was a secondary offering by way of private placement of up to 40% of JTC’s ordinary shares. The IPO is priced at 450 fils per share.
The team at ASAR was led by Rob Little (Counsel) and Ezekiel Tuma (Partner). The team also included partners Ibrahim Sattout and John Cunha, and senior associates, Brenda Ntambirweki and Dania Dib.
Commenting on the transaction, Mr. Sam Habbas, Senior Partner at ASAR, said: “We are thrilled to have successfully represented JTC on its initial public offering. ASAR has a long and established history of acting as a legal advisor to companies which wish to list on Boursa Kuwait, and our involvement in this transaction is proof of our firm’s impressive
Mr. Rob Little, Counsel at ASAR, noted that: “We are delighted to have acted alongside KAMCO Invest on JTC’s listing. This transaction is a testament to the strength and depth of Kuwait’s capital markets, even after a particularly challenging environment brought on by COVID-19.
Investor confidence in Kuwait’s capital markets
The transaction is also a demonstration of the confidence that investors have in Kuwait’s capital markets and ASAR will continue to advise clients on how best to take advantage of the opportunities presented by Kuwait’s capital markets.”
Mr. Ezekiel Tuma, Partner at ASAR, added: “We would like to congratulate JTC on a successful IPO and we are extremely honoured and privileged to have played a role in this significant development in Kuwait’s capital markets. JTC’s listing is one of the few successful IPOs in Kuwait in the last 5 years and also doubles as one of the rare exits-by-IPO by private equity investors in Kuwait. In addition to the significant role that this transaction has played in the capital markets, we believe that this listing will also have an impact on Kuwait’s mergers and acquisitions market, particularly for investors looking to exit.”
View our corporate M&A 2021 guide – Kuwait.