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Kuwait Metropolis: KIPCO – the Kuwait Tasks Firm (Holding) – has introduced the completion of its merger by amalgamation with Qurain Petrochemical Industries (QPIC). The merged entity is now buying and selling on Boursa Kuwait beneath a single ticker, KPROJ.
Marking the completion of the transaction, all QPIC shares have been transferred to KIPCO following an in-kind capital enhance. KIPCO’s licensed, 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 each QPIC share.
KIPCO’s market capitalization is now over KD 600 million (US$ 1.94 billion), making it one of many ten largest corporations listed on Boursa Kuwait’s Premier Market. The mixed portfolio will additional diversify income streams and permit for growth into new companies. Shareholder fairness is estimated to just about double and is topic to an accounting train that might be mirrored within the year-end financials.
Sheikha Dana Nasser Sabah Al Ahmad Al Sabah, KIPCO’s Group Chief Government Officer, stated: “At present marks a milestone for KIPCO. We view the merger as a transformative transaction that can make KIPCO stronger and supply better worth to its shareholders, each the outdated and the brand new. The transaction was executed easily, reflecting the boldness that every one events have in the advantages that this merger brings. On this event, and on behalf of KIPCO’s Board of Administrators, I want to specific my appreciation to QPIC’s former Board of Administrators, and to the shareholders of the 2 corporations for placing their belief in us. I’d additionally prefer to thank the regulators – specifically the Capital Markets Authority, Competitors Safety Authority, Ministry of Commerce and Trade, Boursa Kuwait and Kuwait Clearing Firm – for his or her efforts in making certain that every one points of this transaction have been in keeping with the very best pursuits of all stakeholders.”
She added: “We now look to the long run. KIPCO has now engaged a world advisory to take an in-depth look into our portfolio corporations. Our purpose is to keep up a diversified income stream, whereas balancing our asset focus to mitigate market dangers. We additionally search to boost our present operations, whereas deleveraging our monetary obligations and rising shareholder worth. To launch into the long run, we consider we should return to investing within the fundamentals – foodstuff, healthcare and training – and so we additionally look to develop our operations in these areas going ahead.”
KIPCO had introduced that it had reached a preliminary settlement to merge by amalgamation with QPIC in March of this yr. This was adopted by an intensive due diligence and regulatory approval course of, in addition to the approvals of stakeholders on each side.
-Ends-
About Kuwait Tasks Firm (Holding) – KIPCO
Kuwait Tasks Firm (Holding) – KIPCO – is a holding firm that focuses on investments within the Center East and North Africa. Its technique of buying, constructing, scaling and promoting corporations within the MENA area has labored efficiently for over 30 years.
KIPCO’s primary enterprise sectors are monetary providers, media, actual property and trade. KIPCO’s monetary service pursuits embody holdings in industrial banks, insurance coverage corporations, asset administration and funding banking.
The conversion charge used is US$1 to KD 0.30985
Additional data:
Eman Al Awadhi
Group Senior Vice President
Company Communications & Investor Relations
Eman.Alawadhi@kipco.com
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