A team of Al Wagayan, Al Awadhi & Al Saif lawyers represented issue manager Gulf Investment House (“GIH”) in a KD 49 million private placement of the common shares of Afkar Holding Company, K.S.C., a Kuwait closed shareholding company (“Afkar”).

Pursuant to an Extra-Ordinary Shareholders Assembly held on June 21, 2006, approved by the Companies Department of the Kuwait Ministry of Commerce & Industry (“MOCI”) on July 11, 2006 under No. 624/2006 and registered with the Commercial Registration Department of MOCI on July 11, 2006, the Current Capital of Afkar was increased by KD 49 million to be distributed among 490 million common shares (“Increased Capital Shares”), each of a nominal value of 100 Fils. The issue of the Increased Capital Shares forms 90% of Afkar's issued and allotted capital of KD 50 million (“Total Authorized Capital”) distributed among 500 million common shares (“Total Authorized Shares), each of a nominal value 100 Fils.

"This transaction was completed very quickly, and all the parties were able to band together to make it happen," said Alex Saleh, a partner in who led the AWAS team representing the issue manager.

Gulf Investment House, founded in 1998, is one of GCC's leading financial services companies. GIH is a private shareholding company based in Kuwait with a subscribed and paid up capital of KD 41.6 million (U.S. $ 142 million).

The shareholders of GIH include well-respected and reputable Kuwaiti and regional financial institutions and individuals. With a diverse shareholder group, and a reputed Shari'a Board, GIH has the capability to access significant capital for the Private Equity, Real Estate and Direct Investments to form the core business activities of the Company.