REG - Kuwait ProjectCo SPC - KIPCO completes the sale of its 46% stake in GIG

Fairfax Financial HoldingsAnnouncement

14/12/2023 09:15

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RNS Number : 8212W  Kuwait Projects Co SPC Limited  14 December 2023

 

Kuwait Projects Co SPC Limited

 

Completion of sale of KIPCO group's stake in Gulf Insurance Group

 

Kuwait Projects Company (Holding) K.S.C.P.  (KIPCO), the Guarantor of Kuwait
Projects Co SPC Limited, announced that KIPCO and its group companies
(Overland Real Estate Company, Kuwait United Consulting Company, and United
Industries Company) have successfully completed the sale of their equity stake
aggregating to 46.32% of the issued and paid-up capital in its associate
company, Gulf Insurance Group, to a Fairfax Financial Holdings Limited's group
entity namely Fairfax (Barbados) International Corp., for a consideration of
US$860 million (less KIPCO Group's share of dividend of GIG for the financial
year 2022 of KD7.12 million) so that the net sale amount is equivalent to
KD256.5 million (price per share of KD2 less 54 Fils or KD1.946 per share), to
be paid as a down payment of KD54.5 million and the remaining balance in four
equal annual installments payable commencing the first anniversary of the
closing.

KIPCO Group will recognize a realized net profit of approximately KD73
million, which will be included in the consolidated financial statements for
the financial year ended 31 December 2023.

Kindly refer the press release available at:

https://kipco.com/kipco-completes-the-sale-of-its-46-stake-in-gig-to-fairfax-financial-holdings/
(https://kipco.com/kipco-completes-the-sale-of-its-46-stake-in-gig-to-fairfax-financial-holdings/)

 

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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