NIG Prospectus - London Stock Exchange

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Level: 8 – From: 8 – Thursday, August 9, 2007 – 2:19 pm – mac5 – 3776 Section 07 : 3776 Section 07Global Investment HouseIn 1998, NIG acquired a 5 per cent. stake in Global Investment House. Global Investment Houseis a Kuwait investment company that was established in 1998 with a paid up capital of KD 27.8million. Global Investment House is involved in local initial public offerings, portfolio and fundmanagement in the GCC markets, brokerage services, corporate finance projects, securities andforeign exchange trading, as well as international initial public offerings.Egyptian Kuwaiti Holding Company (EKHC)In 1997, NIG acquired a 5.25 per cent. stake in EKHC. EKHC’s shares are listed on the KSE. Itoperates as a venture capital and buyout company, and has investments in several small tomedium size companies.Dana Gas PJSC (Dana Gas)In 2005, NIG acquired 2.3 per cent of Dana Gas PJSC, which was one of the first regional privatesector natural gas resource enterprises to be established in the Gulf. It holds assets andcontractual entitlements to a private sector integrated natural gas supply chain in the Gulf. Inaddition to commencing the operation of its existing assets, Dana Gas plans to expand itsbusiness by pursuing natural gas opportunities throughout the Gulf as well as the wider MiddleEast and North Africa region.Jordan Telecommunications CompanyIn 2006, NIG acquired 10 per cent. of Jordan Telecom, which is currently listed on the AmmanStock market. France Telecom owns 51 per cent. of Jordan Telecom.Other investments in this category include:% owned1111CompanyKuwait National Real Estate Investment and Services Company KSCC........................ 16Kuwait Privatisation Project Company SAKC.................................................................. 28Al Raya International Real Estate KSCC ........................................................................ 23Marsa Alam KSCC .......................................................................................................... 20United Stainless Steel KSCC.......................................................................................... 10Bayan Holding Company KSCC ...................................................................................... 6.2Most strategic investments are included in the accounts as available for sale investments.However, there are a few investments in the trading portfolio which might be regarded asstrategic. These include the holdings in Al Ahlia Insurance Co, Global Investment House,Contracting & Marine Services Co and Livestock Transport & Trading Co.Available for sale investmentsAvailable for sale investments may be categorised by NIG as strategic or financial. As at 31December 2006, available for sale investments included quoted and unquoted equity holdings ofKD 350.4 million and KD 76.0 million in managed funds. The managed funds are diversified over135 different funds and investments. No single investment exceeds KD 1.8 million, other than thesingle largest investment of KD 3.4 million. NIG has a wide spread of investments withoutsignificant sector or geographical concentrations.80
Level: 8 – From: 8 – Thursday, August 9, 2007 – 2:19 pm – mac5 – 3776 Section 07 : 3776 Section 07As at 31 December 2006, NIG’s available for sale investments were as follows:(KD ‘000)11112International managed funds.......................................................................................... 75,990Valued based on fund manager valuation reportUnquoted equity participations ...................................................................................... 141,866Valued based on NIG’s share of net assets of the company; noting any items in thebalance sheet which might negatively affect its fair valueQuoted shares................................................................................................................ 208,543Valued based on bid price11112Total .............................................................................................................................. 426,39911112Significant available for sale holdings of equity investments include Mabanee, IBK, GlobalInvestment House, EKHC and:• Boubyan International Industries Holding Company – This company was established byBoubyan Petrochemical Co (BPC) at the end of July 2004 to invest in industrial companiesin Kuwait and abroad. BPC holds 20 per cent. and NIG holds 10 per cent.• Bawabet Al Kuwait Holding Company – This is a Kuwaiti company that was formed to holdan investment in a new fertiliser plant in Egypt. NIG holds a 10 per cent. stake.• Kuwait-Jordan Holding Company – In the fourth quarter of 2004, NIG acquired a KD 3.15million stake in this newly formed company. The total capital of the company is KD 30million. Other shareholders include Kuwait Investment Co, Kuwait Pipe Industries & OilServices Co, National Investment Co and National Bank of Kuwait.Financial investmentsNIG’s financial investments can be categorised as both available for sale and investments at fairvalue through statement of income. Available for sale investments are described above.Investments at fair value through statement of income at 31 December 2006 comprised:(KD ‘000)11112Quoted shares................................................................................................................ 268,924Local funds .................................................................................................................... 153,305Valued based on NAV published; primarily open ended funds. Investment classis listed companies in KSEInternational managed portfolios and funds .................................................................. 33,936Valued based on portfolio and fund manager valuation11112Total .............................................................................................................................. 456,16511112Equity investmentsNIG’s equity investments are categorised as Financial Investments. The sector percentagebreakdown of NIG’s equity investments (however classified) at 31 December 2006 was as follows:Per cent.11112Banks.............................................................................................................................. 32Investment companies .................................................................................................. 19Insurance........................................................................................................................ 5Real estate .................................................................................................................... 18Services.......................................................................................................................... 6Industrial ........................................................................................................................ 12Others ............................................................................................................................ 881
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NIG Prospectus - London Stock Exchange

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