Immediate Release

KIPCO obtains CMA approval to merge with QPIC

'We seek the best interests of all stakeholders' says company's Group CEO

Kuwait City, 26 June 2022: KIPCO - Kuwait Projects Company (Holding) - has obtained the approval of the Capital Markets Authority (CMA) to merge by amalgamation with Qurain Petrochemical Industries Company (QPIC). The merger is a non-cash transaction, and the share swap ratio has been set at 2.24 KIPCO shares for every QPIC share.

KIPCO's Board of Directors had approved earlier this month the asset valuation report and the independent investment advisor's fairness opinion report related to the merger. The reports were submitted to the CMA after QPIC's Board of Directors also approved them.

Following the completion of all regulatory procedures, KIPCO will call for an Extraordinary General Assembly to obtain the approval of its shareholders, as will QPIC.

Sheikha Dana Nasser Sabah Al Ahmad Al Sabah, KIPCO's Group Chief Executive Officer, said:

"We are delighted to have successfully completed yet another milestone towards merging with QPIC, and we look forward to realizing this transformational transaction. I would like to take this opportunity to thank the regulatory authorities for the important role that they played in ensuring that all aspects of the transaction are aligned with the best interests of all stakeholders."

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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]