Immediate Release

KIPCO's S&P rating maintained and put on CreditWatch pending transformative QPIC merger

Kuwait City, 29 May 2022: S&P has maintained its rating of KIPCO - Kuwait Projects Company (Holding) - at BB- and placed it on CreditWatch negative pending the successful completion of the merger with Qurain Petrochemical Industries (QPIC).

In its report, S&P highlighted the management's engagement and commitment to major initiatives to ensure secured funding to service its debt maturities over the next 12-18 months. It also said that the pending merger with QPIC would be a highly transformative event.

Ms Eman Al Awadhi, Group Senior Vice President - Corporate Communications & Investor Relations at KIPCO, said:

"In parallel with the management's efforts to secure the necessary funding to meet our obligations and maintain our financial standing, we continue to work towards successfully closing the merger with QPIC. With the due diligence process well underway, the merger is progressing according to the set timeline and we are confident that it will be completed before year-end. In addition to creating a larger and stronger entity with a diversified portfolio of assets, the successful completion of the transaction would enhance KIPCO's overall credit profile."

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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

[email protected]