KIPCO – the Kuwait Projects Company (Holding) – invited existing shareholders to participate in the increase of the company’s share capital. The increase of 452,748,662 new ordinary shares represents approximately 29.3% of the existing issued share capital of KIPCO, at an offer price of 210 fils per issue share. The offering period begins on June 27 and will close on July 17.
KIPCO’s Board of Directors had approved the rights issue in late January, and necessary regulatory procedures have since been completed.
Mr Faisal Al Ayyar, KIPCO’s Vice Chairman (Executive), said:
“As our portfolio companies grow, it is important for us to ensure that KIPCO maintains a solid capital structure to support its Group companies. This capital increase falls in line with our long-term strategy of strengthening and expanding the activities of our companies in the banking, media, insurance, industrial and education businesses.”