In response to market rumours and an inquiry from the Kuwait Stock Exchange, Kuwait Projects Company (Holding) (“KIPCO”) has confirmed that its portfolio company, Showtime Arabia, is considering an initial public offer (IPO) of shares.
However, under the securities laws in some markets in which Showtime Arabia may ultimately offer shares, KIPCO is unable to release information about an IPO of Showtime Arabia shares until an official launch of the financial transaction.
KIPCO has been advised by its legal counsel that it is not in a position to name the prospective underwriters of the transaction, the amount of securities that may be sold, the price at which they may be sold, the stock exchanges on which Showtime Arabia may be listed, and other specific information relating to an IPO. There is no assurance that the potential public offering by Showtime Arabia will be completed and, if completed, on what terms or when it would be completed.
KIPCO has also been advised that further comment on the possibility of an IPO of Showtime Arabia shares could have a detrimental impact on Showtime Arabia’s ability to carry out such an offering and could expose KIPCO and Showtime Arabia to legal liabilities.
Accordingly, KIPCO and Showtime Arabia do not intend to comment further on the matter.
KIPCO, the largest private company in Kuwait with US$ 10 billion under management or control, has a portfolio of some 70 companies with major activities in financial services, media & telecommunications, management & advisory services, real estate and industry throughout the Middle East and North Africa.
