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Name | Symbol | Market | Type |
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Kuwait Proj.27 | LSE:61DH | London | Medium Term Loan |
Price Change | % Change | Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Traded | Last Trade | |
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0.00 | 0.00% | 0 | - |
TIDM61DH
RNS Number : 6835N
Kuwait Projects Co SPC Limited
06 June 2022
Immediate Release
KIPCO approves asset valuation & fairness opinion reports on QPIC merger
'We look forward to submitting the merger documents to the regulators for approval' says company's Group CEO
Kuwait City, 5 June 2022: KIPCO - Kuwait Projects Company (Holding) - has announced that its Board of Directors approved in its meeting on Thursday the asset valuation report and the independent investment advisor's fairness opinion report related to the merger by amalgamation with Qurain Petrochemical Industries (QPIC).
The fairness opinion report includes the share swap ratio that QPIC shareholders will receive in KIPCO's capital as a result of the merger.
In March, KIPCO had announced that it had reached a preliminary agreement with QPIC to assess the proposed merger, and the two sides signed a Memorandum of Understanding to this effect.
Sheikha Dana Nasser Sabah Al Ahmad Al Sabah, KIPCO's Group Chief Executive Officer, said:
"The valuation and the fairness opinion reports are an important step in the merger transaction. With the approval of these two reports by QPIC's Board of Directors, we now look forward to moving on to the next phase of the process, which is submitting the merger documents to the relevant regulatory authorities for the necessary approvals. We are hopeful that the transaction will be completed successfully, resulting in an investment entity that has a diversified portfolio of assets that in turn enhances value for the shareholders of the two companies."
The completion of the merger between KIPCO and QPIC will now require regulatory approvals, as well as obtaining stakeholder approval through convening Extraordinary General Assemblies for the two companies.
- 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.
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
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June 06, 2022 02:00 ET (06:00 GMT)
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