(MENAFN - Arab Times) Al-Omran Company, which is one of the mega companies in Saudi Arabia, inked a financial consultation agreement with Saudi-Kuwaiti Finance House. The bank will shoulder the responsibility of executing the group's financial restructuring. Such a step highlights the bank's leading status, and underscores its abilities and organizational skills. Chairman of Al-Omran Company Mohammed Al-Omran stated after inking the deal that choosing the bank as the company's financial advisor was based on several professional and technical criteria, not to mention the bank's staff that is known for its high professionalism and extensive experience in the field of financing corporations.
Meanwhile, CEO of Saudi-Kuwaiti Finance House Tarek Al-Rekheimi lauded the company for entrusting the bank with its financial restructuring, and explained that this agreement cements the bank's status in the field of offering consultations and financial services, not only in Saudi Arabia, but in the GCC region. He added that the bank will study the company's current situation and future plans, then prepare necessary recommendations to fund its expansive programs, whether through acquiring existing corporations, or private offerings to a group of strategic investors, before preparing the group for public offering. Moreover, Al-Rekheimi noted that the bank has extensive experience in the field of restructuring and funding companies, since the bank has a strategic vision to operate as a strategic financial partner with its clients, whether shareholding or family companies, in addition to companies that have clear financial plans that meet the requirements of the Saudi bourse.
He mentioned that the bank is a closed Saudi shareholding company with a fully-paid capital of SR500 million, and is owned by Kuwait Finance House (KFH). KFH-Group is considered to be one of the largest Islamic banks worldwide with assets exceeding USD 50 billion. It also has accumulative experience in structuring, issuance of Sukuk, funding of projects, consolidated Islamic finances, and private investments. The bank owns a wide network of banks that stretches into Kuwait, Turkey, Malaysia, Bahrain, Jordan, and Germany; in addition to owning in Saudi Arabia KFH Real Estate Company with a capital of SR 2.5 billion.
Al-Omran Company owns several factories that manufacture air-conditions, coolers, shelves, refrigerators, and plastic. The company that has been operating since 1398 Hijri, continues its efforts to develop its products to meet the growing demand of local and regional markets. The company recruits a group of experienced engineers and technicians that conduct studies. The company has recently established a research and development division to develop its products. This agreement goes hand-in-hand with the company's strategy to diversify its investments in the manufacturing field, and setup an integrated system for its factories and products.