March Hold­ing ac­quires 5% of Gulf Ca­ble from Al Khair Global

Kuwait Times - - Front Page - Bader Nasser Al-Kharafi

KUWAIT: Renowned busi­ness­man Mo­ham­mad Char­chafchi an­nounced his ac­qui­si­tion of 5 per­cent of Gulf Ca­ble & Elec­tri­cal In­dus­tries Com­pany for more than USD 18 mil­lion, plac­ing him as a ma­jor share­holder and strate­gic part­ner to Gulf Ca­ble’s lead­ing in­vestor - Bader Nasser Al-Kharafi.

Char­chafchi’s March Hold­ing ac­quired the stake from Al Khair Global through an off-mar­ket trade in Boursa Kuwait.

Char­chafchi stated the in­vest­ment was a re­sult of a com­pre­hen­sive study of all as­pects of the Kuwaiti mar­ket, and the main ra­tio­nale for se­lect­ing to in­vest in Gulf Ca­ble was his ut­most con­fi­dence in AlKharafi's man­age­ment and strate­gic vi­sion. He high­lighted the com­pany's op­er­a­tional ef­fi­ciency in man­u­fac­tur­ing elec­tric prod­ucts, its ca­pa­bil­ity to ex­pand fur­ther lo­cally and re­gion­ally, as well as the ex­ec­u­tive man­age­ment’s abil­ity to adapt to struc­tural changes in the in­dus­try.

Char­chafchi will have a piv­otal role in de­vel­op­ing the com­pany's in­ter­na­tional pres­ence due to his ex­pe­ri­ence and re­la­tion­ships in the in­dus­trial space, in­clud­ing Iraq. Fur­ther­more, Char­chafchi pointed out that ac­quir­ing the stake in Gulf Ca­ble will be the

ba­sis for ad­di­tional key in­vest­ments in Kuwait and neigh­bour­ing mar­kets.

Mo­ham­mad Char­chafchi is a prom­i­nent busi­ness­man hail­ing from a well-re­puted Iraqi fam­ily with a his­tory in the trad­ing and con­tract­ing busi­ness and build­ing ware­houses. He is the Chair­man of the Credit Bank of Iraq and March Hold­ing, a DIFC based com­pany that is a par­ent of more than 15 com­pa­nies in the re­gion, op­er­at­ing mainly in Iraq in dif­fer­ent in­dus­tries rang­ing from telecom­mu­ni­ca­tions, tech­nol­ogy and food and bev­er­age.

March Hold­ing be­came an ad­dress to sev­eral in­ter­na­tional brands in Iraq, namely Kraft, Cal­i­for­nia Gar­den, Mon­delez and IFFCO.

Three years ago, March Hold­ing en­tered an ex­clu­sive joint ven­ture with Amer­i­cana to build and op­er­ate a chain of res­tau­rants in Iraq. Re­cently, it signed a strate­gic part­ner­ship with re­gional ride-hail­ing com­pany Ca­reem as their ex­clu­sive part­ners to launch and en­able their busi­ness model in Iraq.

More­over, Char­chafchi owns a wide-rang­ing in­vest­ment port­fo­lio in the con­struc­tion, telecom­mu­ni­ca­tions, food and bev­er­age, fi­nan­cial and in­dus­trial sec­tors.

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