The shareholders of Kuwait Tasks Business Holding “KIPCO” have made the decision to merge with the Qurain Petrochemical Organization and have determined to enhance the company’s cash in variety by 251 million dinars by means of the situation of 2.4 billion new shares, furnished that the maximize shares are assigned to the “Qurain” shareholders.
The upcoming phase will be to obtain the approval of the “Qurain” shareholders. Offeraccording to Iman Al-Awadi, Vice President of Investor Relations at Kuwait Assignments Keeping Business (KIPCO), in an interview with Al-Arabiya.
He said: “When the approvals have been received, we nevertheless have a selection of strategies to comprehensive the merger approach, which is anticipated to be accomplished by the end of the yr. These processes are similar to the stock markets and the clearing system after the official. approvals have been attained “.
Very last March, KEPCO and Qurain signed an agreement to take into account a probable merger involving the two companies, which would direct to the creation of a new entity with a put together sector value of somewhere around $ 2.7 billion.
Al-Awadi indicated that the firm’s portfolio soon after the merger will grow and diversify and explained: “At this time, KIPCO’s most significant company is concentrated in the banking and monetary sector, as perfectly as insurance policies, most of the petrochemicals. , logistics, the health care and diet sectors (with SADAFCO within the Qurain portfolio) will be included, as effectively as KIPCO’s other sectors, this kind of as serious estate and media.
He also observed that the company has options in position with regards to legal rights and money owed, and these ideas go ahead regardless of the merger.
And he continued: “After the merger, an accounting process will acquire put on the foundation of which the economic placement of the business will be very clear and we will announce the quantities evidently”.
On the other hand, KEPCO’s Vice President of Investor Relations verified that the merger will create a single of the premier shown investment decision organizations in the area and a person of the leading 10 on the Kuwait Inventory Exchange: “This dimension will give us the opportunity to enter new investments. and exit in full or in part from some investments.
He also added that the enterprise is now working with a person of the largest international consultants to create a strategic look at of the firm’s portfolio just after the merger and to develop a prepare to be declared at the time that points out how the entity’s form will change afterwards. the transaction.
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