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Kuwait Projects Company (Holding) K.S.C.P. (KIPCO), Obligor of Kuwait Projects Company Sukuk Limited, announced that its subsidiary Burgan Bank K.P.S.C. signed a Share Purchase Agreement with United Gulf Holding B.S.C. (also a KIPCO subsidiary). Through this agreement, Burgan Bank will acquire a 100% stake in United Gulf Bank B.S.C.C. for a total consideration of US$190mn (KD59mn). The transaction procedures are expected to be completed during the first quarter of 2025.
| Date | 16 Jan 2025 |
| Time | 10:37:47 |
| Category | Acquisitions and alliances |
| ID | 6209T |
Kuwait Projects Company Sukuk Limited
Supplementary Disclosure regarding Burgan Bank's acquisition of United Gulf Bank
Kuwait Projects Company (Holding) K.S.C.P. (KIPCO), the Obligor of Kuwait Projects Company Sukuk Limited, announced that Burgan Bank K.P.S.C. (a subsidiary of KIPCO Group) has signed a Share Purchase Agreement with United Gulf Holding B.S.C. (a subsidiary of KIPCO Group) to acquire a 100% stake in United Gulf Bank B.S.C.C., for a total consideration of US$190mn (KD59mn).
The transaction procedures are expected to be completed during first quarter of 2025.
For further information, please contact:
Investors, Press and Media:
Eman Al-Awadhi
49th Floor
KIPCO Tower, Khaled Bin Al-Waleed St, Sharq
P.O. Box 23982
Safat 13100
Kuwait
Tel: +965 2294 3416
Email: [email protected]