Latest Gulf Cable News
May 6, 2020
06/05/2020 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 Al-Kharafi’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.