Kuwait: At the Extraordinary General Meeting, KIPCO’s shareholders – Kuwait Projects Company (Holding) – approved the merger of the company with Qurain Petrochemical Industries Company (QPIC). EGM held with a quorum of 85.77% of him.
The shareholders will also increase KIPCO’s current authorized capital to KD 300 million and issued and paid-up capital to KD 264 million, making the company’s authorized, issued and paid-up capital KD 504,847,626.900. approved. His 91.2% in-kind capital increase of issued and paid-up capital allows 2,408,476,269 shares to be allocated to his QPIC shareholders. The swap ratio is 2.24 new shares of his KIPCO for every QPIC share. The capital increase is subject to approval of the merger by QPIC’s shareholders.
KIPCO received Capital Market Authority (CMA) merger approval in June and Competition Protection Agency (CPA) approval in August. QPIC will hold his EGM for shareholder approval. Then you have to do some procedures. The merger transaction is expected to close by the end of 2022.
KIPCO Group Chief Executive Officer Sheikha Dana Nasser Sabah Al-Ahmad Al-Sabah said: This is an important milestone in this transformative transaction creating an integrated entity into one of the largest public investment holding companies in the MENA region. We are awaiting the results of QPIC’s EGM so that we can move forward with final procedures and close the transaction by the end of the year. ”
She added: She has been instrumental in ensuring that the transaction takes into account the best interests of all stakeholders and contributes to improving Kuwait’s overall economic standing. We would like to thank the Ministry of Commerce and Industry, and Bursa Her Kuwait. I would also like to thank our shareholders for their trust and the guidance and support of the Board of Directors. ”
Kuwait Projects Company (Holding) – KIPCO – is a holding company focused on investments in the Middle East and North Africa. The company’s strategy of acquiring, building, expanding and selling companies in the MENA region has been successful for over 30 years.