KUWAIT CITY: KIPCO – the Kuwait Projects Company (Holding) – announced the rights issue of 640 million shares was oversubscribed, and KIPCO raised KD 80 million in equity.
The company’s issued and paid-up capital now stands at KD 264 million.
KIPCO’s Board of Directors approved the rights issue in early August, announcing that it intended to raise the company’s issued and paid-up capital by 32%, from KD 200 million to KD 264 million. The subscription period extended from November 1st to 21st.
The rights issue saw the participation of a wide range of KIPCO’s shareholders, including financial institutions, funds, portfolios and individuals. The price offer was set at 125 fils per issue share.
Kamco Invest acted as the issuance advisor and subscription agent.
Mr Faisal Al Ayyar, KIPCO’s Vice Chairman (Executive), said: “The success of KIPCO’s right issue subscription reflects the relationship of confidence and trust that we share with our shareholders, for which we thank them. We would also like to thank the Capital Markets Authority and regulatory agencies for facilitating the capital increase.”
He added: “The money raised from this rights issue will support our long-term strategy of growing our core companies, as they expand their activities in Kuwait and the region. This exercise also allows us to maintain a balanced capital structure.”
The KIPCO Group is one of the biggest holding companies in the Middle East and North Africa, with consolidated assets of US$ 33.5 billion as at 30 September 2021.
The Group has significant ownership interests in over 60 companies operating across 24 countries. The group’s main business sectors are financial services, media, real estate, manufacturing and education.