Kuwait Projects Co SPC Limited KIPCO obtains CMA approval to merge with QPIC (2036Q)
27 Junio 2022 - 1:00AM
UK Regulatory
TIDM61DH
RNS Number : 2036Q
Kuwait Projects Co SPC Limited
27 June 2022
Immediate Release
KIPCO obtains CMA approval to merge with QPIC
'We seek the best interests of all stakeholders' says company's
Group CEO
Kuwait City, 26 June 2022: KIPCO - Kuwait Projects Company
(Holding) - has obtained the approval of the Capital Markets
Authority (CMA) to merge by amalgamation with Qurain Petrochemical
Industries Company (QPIC). The merger is a non-cash transaction,
and the share swap ratio has been set at 2.24 KIPCO shares for
every QPIC share.
KIPCO's Board of Directors had approved earlier this month the
asset valuation report and the independent investment advisor's
fairness opinion report related to the merger. The reports were
submitted to the CMA after QPIC's Board of Directors also approved
them.
Following the completion of all regulatory procedures, KIPCO
will call for an Extraordinary General Assembly to obtain the
approval of its shareholders, as will QPIC.
Sheikha Dana Nasser Sabah Al Ahmad Al Sabah, KIPCO's Group Chief
Executive Officer, said:
"We are delighted to have successfully completed yet another
milestone towards merging with QPIC, and we look forward to
realizing this transformational transaction. I would like to take
this opportunity to thank the regulatory authorities for the
important role that they played in ensuring that all aspects of the
transaction are aligned with the best interests of all
stakeholders."
- 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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