REG - Kuwait ProjectCo SPC - Part monetization of receivables

Kian ShenAnnouncement

17/01/2024 10:00

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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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