Kuwait Projects Co SPC Limited Part monetization of receivables (9941Z)
17 Enero 2024 - 2:55AM
UK Regulatory
TIDM61DH
RNS Number : 9941Z
Kuwait Projects Co SPC Limited
17 January 2024
Kuwait Projects Co SPC Limited
Part monetization of receivables associated with the sale of
KIPCO group's stake in an associate company (Gulf Insurance
Group)
Kuwait Projects Company (Holding) K.S.C.P. (KIPCO), the
Guarantor of Kuwait Projects Co SPC Limited, announced that it has
monetized, the 2(nd) , 3(rd) and fourth (the final) annual
receivable installments aggregating to US$495 million associated
with the sale of KIPCO and its group companies' 46.32% equity stake
in Gulf Insurance Group, by irrevocably and unconditionally
assigning these to two banks equally and received the discounted
proceeds amounting to US$427 million in cash. This liquidity would
be used for general corporate purposes.
For further information, please contact:
Investors, Press and Media:
Eman Al-Awadhi
49(th) Floor
KIPCO Tower, Khaled Bin Al-Waleed St, Sharq
P.O. Box 23982
Safat 13100
Kuwait
Tel: +965 2294 3416
Email: eman.alawadhi@kipco.com
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END
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