REG - Kuwait Projects Co - Part monetization of receivables

Kian ShenAnnouncement

17/01/2024 10:15

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RNS Number : 9944Z  Kuwait Projects Company Sukuk Ltd  17 January 2024

 

Kuwait Projects Company Sukuk 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 Obligor of Kuwait
Projects Company Sukuk 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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