Kuwait Projects Co SPC Limited KIPCO completes merger with QPIC (3468H)
23 November 2022 - 7:35PM
UK Regulatory
TIDM61DH
RNS Number : 3468H
Kuwait Projects Co SPC Limited
23 November 2022
Immediate Release
KIPCO completes merger with QPIC and trades under one ticker
'KPROJ' on Boursa Kuwait
'We seek to enhance the performance of our existing operations
& expand into foodstuff, healthcare and education' says
company's Group CEO
Kuwait City, 23 November 2022: KIPCO - the Kuwait Projects
Company (Holding) - has announced the completion of its merger by
amalgamation with Qurain Petrochemical Industries (QPIC). The
merged entity is now trading on Boursa Kuwait under a single
ticker, KPROJ.
Marking the completion of the transaction, all QPIC shares have
been transferred to KIPCO following an in-kind capital increase.
KIPCO's authorized, issued and paid-up capital now stands at KD
504.8 million distributed over 5.048 billion shares. The swap ratio
was 2.24 KIPCO shares for every QPIC share.
KIPCO's market capitalization is now over KD 600 million (US$
1.94 billion), making it one of the ten largest companies listed on
Boursa Kuwait's Premier Market. The combined portfolio will further
diversify revenue streams and allow for expansion into new
businesses. Shareholder equity is estimated to nearly double and is
subject to an accounting exercise that will be reflected in the
year-end financials.
Sheikha Dana Nasser Sabah Al Ahmad Al Sabah, KIPCO's Group Chief
Executive Officer, said:
"Today marks a milestone for KIPCO. We view the merger as a
transformative transaction that will make KIPCO stronger and
provide greater value to its shareholders, both the old and the
new. The transaction was executed smoothly, reflecting the
confidence that all parties have in the benefits that this merger
brings. On this occasion, and on behalf of KIPCO's Board of
Directors, I would like to express my appreciation to QPIC's former
Board of Directors, and to the shareholders of the two companies
for putting their trust in us. I would also like to thank the
regulators - namely the Capital Markets Authority, Competition
Protection Authority, Ministry of Commerce and Industry, Boursa
Kuwait and Kuwait Clearing Company - for their efforts in ensuring
that all aspects of this transaction were in line with the best
interests of all stakeholders."
She added:
"We now look to the future. KIPCO has now engaged a global
advisory to take an in-depth look into our portfolio companies. Our
aim is to maintain a diversified revenue stream, while balancing
our asset concentration to mitigate market risks. We also seek to
enhance our existing operations, while deleveraging our financial
obligations and increasing shareholder value. To launch into the
future, we believe we must go back to investing in the basics -
foodstuff, healthcare and education - and so we also look to expand
our operations in these areas going forward."
KIPCO had announced that it had reached a preliminary agreement
to merge by amalgamation with QPIC in March of this year. This was
followed by an extensive due diligence and regulatory approval
process, as well as the approvals of stakeholders on both
sides.
- Ends -
Notes to Editors:
Kuwait Projects Company (Holding) - KIPCO - is a holding company
that focuses on investments in the Middle East and North Africa.
Its strategy of acquiring, building, scaling and selling companies
in the MENA region has worked successfully for over 30 years.
KIPCO's main business sectors are financial services, media,
real estate and industry. KIPCO's financial service interests
include holdings in commercial banks, insurance companies, asset
management and investment banking.
The conversion rate used is US$1 to KD 0.30985
Further information:
Eman Al Awadhi Group Senior Vice President
Corporate Communications & Investor Relations
T: +965 2294 3416
M:+965 6033 6399
Eman.Alawadhi@kipco.com
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
MSCBKNBNFBDKBDB
(END) Dow Jones Newswires
November 23, 2022 03:35 ET (08:35 GMT)
Kuwait Proj.27 (LSE:61DH)
Historical Stock Chart
From Sep 2024 to Oct 2024
Kuwait Proj.27 (LSE:61DH)
Historical Stock Chart
From Oct 2023 to Oct 2024