REG - Kuwait ProjectCo SPC - Result of AGM and Shafafiyah (Transparency forum)

Hindustan Oil ExplorationAnnouncement

25/04/2022 14:15

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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 (mailto:Eman.Alawadhi@kipco.com)

 

 

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