Kuwait Projects Co SPC Limited Result of AGM and Shafafiyah (Transparency forum) (2383J)
25 Abril 2022 - 7:05AM
UK Regulatory
TIDM61DH
RNS Number : 2383J
Kuwait Projects Co SPC Limited
25 April 2022
Immediate Release
KIPCO looks to 2022 as the year of transformation
'The proposed merger with QPIC would allow us to pursue
opportunities in new sectors' says company's Group CEO
Kuwait City, 25 April 2022: At its Annual Shafafiyah
'Transparency' Investors' Forum, KIPCO - Kuwait Projects Company
(Holding) - said that the proposed merger with Qurain Petrochemical
Industries (QPIC) would form a larger investment holding with the
ability to strengthen existing sectors and pursue new
opportunities.
The Shafafiyah Forum followed the company's General Assembly
meeting, where KIPCO's shareholders approved a cash dividend of 5%
(5 fils). At the forum, KIPCO presented a review of its activities
in 2021 and its outlook for 2022 to an audience of shareholders,
financial analysts and institutional investors.
Commenting on the outlook for 2022, Sheikha Dana Nasser Sabah Al
Ahmad Al Sabah, KIPCO's Group Chief Executive Officer, said:
"Following the announcement of the proposed merger, we look to
2022 as the year of transformation for KIPCO. The due diligence
process is underway. We believe that this merger will create
greater value for all shareholders as it would result in a balanced
and diversified portfolio of assets that would generate a more
stable income stream. KIPCO's size would rank in among the largest
in the MENA region and would allow it to pursue more opportunities
in new business sectors, while continuing to support the growth of
the existing portfolio."
The proposed merger would create an entity with businesses in a
diverse number of sectors, namely petrochemical and oil services,
banking, foodstuff, AMIB, media, insurance, healthcare and
logistics, and real estate.
As part of its review of 2021, KIPCO noted the success of its
capital increase, which served to raise KD 80 million and increased
the issued and paid-up capital by 32%. The success of the
transaction reflects the confidence and trust of the shareholders
in KIPCO's long-term strategy.
KIPCO highlighted the performance of its main operating
companies. Gulf Insurance Group completed its acquisition of AXA's
operations in the Gulf. The insurance company entered the debt
capital market for the first time in 2021, and successfully issued
a KD 60 million Subordinated Perpetual non-callable five-year Tier
2 bond.
Meanwhile, Burgan Bank's net profit was up 35%, total operating
revenue increased 10%, and net operating profit increased 21%. The
bank's successful capital increase was 2.25 times
oversubscribed.
United Real Estate's activities in Hessah District continue. In
terms of the sale of residential units, the company sold 60% of
Hessah Towers and over 40% of Byout Hessah. Work is underway on the
Commercial District.
For OSN, KIPCO said that the focus on streaming continues,
following a major upgrade in the streaming platform, OSN+. The
partnership with HBO has been extended, and more original content
is in the pipeline.
- 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 0.30250
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
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END
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