KUWAIT CITY: KIPCO – Kuwait Projects Company (Holding) – has introduced the completion of its merger by amalgamation with Qurain Petrochemical Industries (QPIC). The merged entity is now buying and promoting 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 each QPIC share.
KIPCO’s market capitalization is now over KD 600 million (US$ 1.94 billion), making it one of many ten largest companies listed on Boursa Kuwait’s Premier Market. The mixed portfolio will additional diversify income streams and permit for expansion into new businesses. Shareholder fairness is estimated to nearly double and is topic to an accounting train that will be mirrored within 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 supply greater worth to its shareholders, each the old and the new.
The transaction was executed smoothly, reflecting the confidence that all events have within the advantages 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 2 companies for placing their belief in us. I would additionally 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 his or her efforts in ensuring that all aspects of this transaction were in line with the best pursuits 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 income stream, whereas balancing our asset focus to mitigate market risks. We additionally search to improve our existing operations, whereas deleveraging our monetary obligations and increasing shareholder value. To launch into the future, we believe we should return to investing within the fundamentals – foodstuff, healthcare and education – and so we additionally look to expand our operations in these areas going forward.”
KIPCO had introduced that it had reached a preliminary settlement to merge by amalgamation with QPIC in March of this year. This was adopted by an extensive due diligence and regulatory approval process, in addition to the approvals of stakeholders on each sides.
Kuwait Projects Company (Holding) – KIPCO – is a holding firm that focuses on investments within the Middle East and North Africa. Its technique of acquiring, building, scaling and promoting companies within the MENA area has labored efficiently for over 30 years.
KIPCO’s main enterprise sectors are monetary services, media, actual property and industry. KIPCO’s monetary service pursuits include holdings in commercial banks, insurance coverage companies, asset administration and funding banking.