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KIPCOKuwait Projects Company (Safat, Kuwait)
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UGB is a member of the diversified and well respected KIPCO Group in Kuwait.
This acquisition builds on the KIPCO strategy of constantly exploring opportunities for business growth and expansion, and we are always looking to accelerate growth through value-creating transactions.
KIPCO has responded well to a challenging global and local market environment by strengthening liquidity and actively managing leverage in support of credit metrics," said Moody's vice-president and lead analyst for KIPCO Philipp Lotter.
These results reflect the positive performance trends in the company''''s core sectors, and mark evidence of the growth of its affiliates in 2013 and their sound profitability, the KIPCO deputy chairman pointed out.
In the first six months of 2013, KIPCO made a net profit of KWD 18.
Earnings at OSN, which broadcasts in the Middle East and North Africa, helped drive a rise in full-year KIPCO group earnings in 2012.
KIPCO has substantial ownership interests in over 60 companies operating across 26 countries, including interests in the real estate, manufacturing, education and management advisory services.
Samer Khanachet, Chairman of TAKAUD and Group Chief Operating Officer of KIPCO, said, "As a region, we simply do not save enough and according to the National Bonds GCC Savings Index, 30 per cent of MENA citizens save nothing.
5bn augurs well for UGB consolidating itself in the asset management and investment banking business after the KIPCO Group Financial Services restructuring," he added.
During the year, assets held by KIPCO Asset Management Company (KAMCO) were reduced by almost half from KWD 147 million to KWD 77 million.
KIPCO said 2012 was its 21st consecutive year of profitability which met its objectives by continuing regional expansion, repaying debt and reducing costs.
The deal is supported by KIPCO, the parent company of both Burgan and UGB, and follows the statements made by KIPCO's vice-chairman Faisal Al Ayyar, at the company's recent Shafafiyah Investor's Forum.