Part monetization of receivables

Kuwait Projects Co SPC Limited
17 January 2024
 

 

Kuwait Projects Co SPC Limited

Part monetization of receivables associated with the sale of KIPCO group's stake in an associate company (Gulf Insurance Group)

 

Kuwait Projects Company (Holding) K.S.C.P. (KIPCO), the Guarantor of Kuwait Projects Co SPC Limited, announced that it has monetized, the 2nd, 3rd and fourth (the final) annual receivable installments aggregating to US$495 million associated with the sale of KIPCO and its group companies' 46.32% equity stake in Gulf Insurance Group, by irrevocably and unconditionally assigning these to two banks equally and received the discounted proceeds amounting to US$427 million in cash. This liquidity would be used for general corporate purposes. 

 

For further information, please contact:

Investors, Press and Media:

Eman Al-Awadhi

49th Floor

KIPCO Tower, Khaled Bin Al-Waleed St, Sharq

P.O. Box 23982

Safat 13100

Kuwait

Tel: +965 2294 3416

Email: eman.alawadhi@kipco.com

 

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