KIPCO looks to 2022 as the year of transformation

KIPCO looks to 2022 as the year of transformation

KUWAIT: At its Annual Shafafiyah ‘Transparency’ Investors’ Forum, KIPCO – Kuwait Projects Company (Holding) – said that the proposed merger with Qurain Petrochemical Industries (QPIC) would form a larger investment holding with the ability to strengthen existing sectors and pursue new opportunities.

The Shafafiyah Forum followed the company’s General Assembly meeting, where KIPCO’s shareholders approved a cash dividend of 5 percent (5 fils). At the forum, KIPCO presented a review of its activities in 2021 and its outlook for 2022 to an audience of shareholders, financial analysts and institutional investors. Commenting on the outlook for 2022, Sheikha Dana Nasser Sabah Al-Ahmad Al-Sabah, KIPCO’s Group Chief Executive Officer, said:

“Following the announcement of the proposed merger, we look to 2022 as the year of transformation for KIPCO. The due diligence process is underway. We believe that this merger will create greater value for all shareholders as it would result in a balanced and diversified portfolio of assets that would generate a more stable income stream. KIPCO’s size would rank in among the largest in the MENA region and would allow it to pursue more opportunities in new business sectors, while continuing to support the growth of the existing portfolio.”

The proposed merger would create