Kuwait Projects Co SPC Limited KIPCO shareholders approve merger with QPIC (3006Y)
05 September 2022 - 1:49PM
UK Regulatory
TIDM61DH
RNS Number : 3006Y
Kuwait Projects Co SPC Limited
05 September 2022
Immediate Release
KIPCO shareholders approve company's
merger with QPIC
'This transformative transaction will make combined entity one
of the largest public investment holdings in the MENA region' says
company's Group CEO
Kuwait City, 5 September 2022: At the Extraordinary General
Assembly Meeting, the shareholders of KIPCO - Kuwait Projects
Company (Holding) - approved the company's merger by amalgamation
with Qurain Petrochemical Industries Company (QPIC). The EGM was
held with a quorum of 85.77 per cent.
The shareholders also approved the increase of KIPCO's current
authorized capital of KD 300,000,000 and its issued and paid-up
capital of KD 264,000,000 such that the authorized, issued and
paid-up capital of the company becomes KD 504,847,626.900. This
in-kind increase of 91.2% in issued and paid-up capital is to allow
for the allocation of 2,408,476,269 shares to QPIC shareholders, at
a swap ratio of 2.24 new KIPCO shares for every QPIC share. The
capital increase is subject to the approval of the merger by QPIC's
shareholders.
KIPCO obtained the approval of the Capital Markets Authority
(CMA) for the merger in June, and the approval of the Competition
Protection Agency (CPA) in August. QPIC will be holding an EGM to
obtain the approval of its shareholders, following which several
procedures must take place. The merger transaction is expected to
be completed before the end of 2022.
Sheikha Dana Nasser Sabah Al Ahmad Al Sabah, KIPCO's Group Chief
Executive Officer, said:
"We are delighted to have obtained the approval of our
shareholders to merge with QPIC. This is an important milestone in
this transformative transaction that will make the combined entity
one that ranks among the largest public investment holding
companies in the MENA region. We now await the results of the EGM
of QPIC so that we can proceed with the final procedures and close
the transaction before the end of the year."
She added:
"We believe that the private sector has a major role to play in
creating a more sustainable Kuwaiti economy, in line with the
vision 'New Kuwait 2035'. I would like to thank the CMA, CPA, the
Ministry of Commerce and Industry and Boursa Kuwait for their
efforts to ensure that this transaction is one that takes into
account the best interest of all stakeholders and one that
contributes to enhancing Kuwait's overall economic position. I also
express my appreciation to our shareholders for their trust, and to
our Board of Directors for their guidance and support."
- 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.
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
MSCSSUFFIEESELU
(END) Dow Jones Newswires
September 05, 2022 07:49 ET (11:49 GMT)
Kuwait Proj.27 (LSE:61DH)
Historical Stock Chart
Von Aug 2024 bis Sep 2024
Kuwait Proj.27 (LSE:61DH)
Historical Stock Chart
Von Sep 2023 bis Sep 2024