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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 : 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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END
MSCQKOBPFBKKNDD
(END) Dow Jones Newswires
January 17, 2024 03:55 ET (08:55 GMT)
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