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KIPCOKuwait Projects Company (Safat, Kuwait)
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This transaction successfully registered an increase of 452.75 million new ordinary shares, representing an increase of approximately 29.3% of the existing issued and paid share capital of KIPCO from KD 154.73 to 200.00 million.
One of the biggest holding companies in the Middle East and North Africa (Mena) region, the Kipco Group has consolidated assets worth $33 billion as of March 31, 2019.
Kuwait Projects Co (KIPCO), considered to be the largest investment company in Kuwait, has hired Goldman Sachs (NYSE: GS) to advise it on the sale of its majority stake in pay-television operator, OSN.
Panther Media Group, registered in the Dubai International Financial Centre, has two shareholders -- KIPCO and Saudi investment firm Mawarid Group Limited.
"As the master planner of Hessah Al Mubarak District, Kipco has been keen to work with professional construction contractors to ensure that the future residents and visitors of our district enjoy an unprecedented experience," said Faisal Al Ayyar, Kipco's executive vice chairman.
UGB is owned and controlled by the well established and diversified KIPCO Group in Kuwait.
The Hessah Al Mubarak project on the outskirts of Kuwait City will span 227,066 square metres, KIPCO said in a statement, as it revealed the brand identity of the scheme.
In a company statement announcing details of the project, Faisal Al Ayyar, KIPCO's vice chairman said: "This project offers a new approach to upper-scale, integrated, urban, mixed-use developments in Kuwait.
"The stable outlook and affirmations are prompted by KIPCO's successful efforts to de-lever, persistent improvements in the financial performance of its media assets and the company's efforts to proactively pre-fund debt maturities," says Martin Kohlhase, a Moody's Vice President -- senior credit officer and local market analyst for KIPCO.
improvements in the financial performance of KIPCO's holding in the
Kipco owns 60.5 per cent of OSN while Saudi Arabia-based Mawarid Group holds the remainder.