‘The raise comes to maintain a prudent capital structure as our core businesses grow’ says company’s Vice Chairman
KIPCO – the Kuwait Projects Company (Holding) – announced that it intends to raise its issued and paid up capital from KD 200,000,000 to KD 264,000,000 through a rights issue.
KIPCO’s Board of Directors met today and approved the rights issue, subject to completing procedures required by the regulatory authorities. The rights issue will be open to existing shareholders, offering 640,000,000 shares at a price of 125 fils per share (including the nominal value of 100 fils per share and the issuance premium of 25 fils).
Mr Faisal Al Ayyar, KIPCO’s Vice Chairman (Executive), said:
“As our core businesses continue to grow through new investments and acquisitions, KIPCO seeks to support this by raising its own capital. Subject to business requirements, our financial services’ businesses will be completing rights issues this year after obtaining regulatory approvals. KIPCO’s capital increase will ensure the healthy growth of our core companies and will contribute to maintaining a balanced capital structure.”