Disclosure for transaction with related party

Kuwait Projects Co SPC Limited

14 December 2023

 

Kuwait Projects Co SPC Limited

Disclosure regarding a transaction with a related party

Kuwait Projects Company (Holding) K.S.C.P. (KIPCO), the Guarantor of Kuwait Projects Co SPC Limited, announced that it has signed a SPA agreement with a subsidiary, the National Petroleum Services Company K.S.C.P. "Napesco" (KIPCO Group Subsidiary with an ownership of 60.53%) in order to sell its full equity stake totaling 52.92% of the issued and paid-up capital of its subsidiary United Petroleum Projects Company K.S.C.C for a total consideration of KD 15,029,920.

There is no material financial impact on KIPCO's consolidated financial statements, as the sale and purchase transaction took place between the parent and a subsidiary, and the impact will be eliminated on consolidation.

For further information, please contact:

Investors, Press and Media:

Eman Al-Awadhi

49^th Floor

KIPCO Tower, Khaled Bin Al-Waleed St, Sharq

P.O. Box 23982

Safat 13100

Kuwait

Tel: [phone]

Email: [e-mail]

 

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