KIPCO Obtains CMA Approval to Merge with QPIC

Source: www.gulfoilandgas.com 6/27/2022, Location: Middle East

KIPCO - Kuwait Projects Company (Holding) - has obtained the approval of the Capital Markets Authority (CMA) to merge by amalgamation with Qurain Petrochemical Industries Company (QPIC). The merger is a non-cash transaction, and the share swap ratio has been set at 2.24 KIPCO shares for every QPIC share.

KIPCO's Board of Directors had approved earlier this month the asset valuation report and the independent investment advisor's fairness opinion report related to the merger. The reports were submitted to the CMA after QPIC's Board of Directors also approved them.

Following the completion of all regulatory procedures, KIPCO will call for an Extraordinary General Assembly to obtain the approval of its shareholders, as will QPIC.

Sheikha Dana Nasser Sabah Al Ahmad Al Sabah, KIPCO's Group Chief Executive Officer, said:

"We are delighted to have successfully completed yet another milestone towards merging with QPIC, and we look forward to realizing this transformational transaction. I would like to take this opportunity to thank the regulatory authorities for the important role that they played in ensuring that all aspects of the transaction are aligned with the best interests of all stakeholders."


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