Kuwaiti European Holding Group acquires stake in WHI Ireland
Kuwaiti European Holding Group (KEH) has acquired a 23.1 per cent stake in WH Ireland Group for GBP8.45 million.
As part of the transaction, group chief executive officer Humphrey Percy will also become a KEH representative on the WH Ireland board, subject to regulatory approval.
The purchase of shares in WH Ireland is a strategic investment for KEH, designed to further augment and expand the group’s interest in and commitment to the UK’s financial industry.
KEH believes the WH Ireland business model and strategy to be highly complementary to the offerings of KEH’s financial services businesses, Armila Capital and Al-Fouz Investment Company.
The strategic partnership between WH Ireland and KEH will bring additional services and products to the group and its clients that are not currently available and as well as enhancing those already being offered.
The purchase of this strategic interest in WH Ireland will facilitate the provision of financial products and services for Armila Capital and Al-Fouz clients across the Middle East and the UK. It will allow the companies to provide cross-market corporate and capital markets advisory and capital raising services to their respective clients.
Percy says: “An important component of KEH’s strategy is to build out a financial services division that can develop a true bridge between investors in Kuwait and elsewhere in the Middle East, and financial markets in Europe, particularly in London. Having a significant stake in a prominent London securities house such as WH Ireland is an exciting next step of this strategy and I look forward to working with the team at WH Ireland to build this partnership.”
Richard Killingbeck, CEO, WH Ireland, says: “This is good news for WH Ireland, its shareholders, clients and employees. We have moved the business a long way forward over the last 12 months and KEH’s investment reflects the confidence they have in the company and its strategic development plan. I am pleased to welcome KEH as a long term investor and have no doubt that their involvement will open up significant opportunities for us.”