Kuwait Projects Co SPC Limited S&P rating maintd. & on CreditWatch pending merger (1593N)
30 Mayo 2022 - 1:00AM
UK Regulatory
TIDM61DH
RNS Number : 1593N
Kuwait Projects Co SPC Limited
29 May 2022
Immediate Release
KIPCO's S&P rating maintained and put on CreditWatch pending
transformative QPIC merger
Kuwait City, 29 May 2022: S&P has maintained its rating of
KIPCO - Kuwait Projects Company (Holding) - at BB- and placed it on
CreditWatch negative pending the successful completion of the
merger with Qurain Petrochemical Industries (QPIC).
In its report, S&P highlighted the management's engagement
and commitment to major initiatives to ensure secured funding to
service its debt maturities over the next 12-18 months. It also
said that the pending merger with QPIC would be a highly
transformative event.
Ms Eman Al Awadhi, Group Senior Vice President - Corporate
Communications & Investor Relations at KIPCO, said:
"In parallel with the management's efforts to secure the
necessary funding to meet our obligations and maintain our
financial standing, we continue to work towards successfully
closing the merger with QPIC. With the due diligence process well
underway, the merger is progressing according to the set timeline
and we are confident that it will be completed before year-end. In
addition to creating a larger and stronger entity with a
diversified portfolio of assets, the successful completion of the
transaction would enhance KIPCO's overall credit profile."
- 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
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END
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