QPIC Board Approves the Asset Valuation & Fairness Opinion Reports on the KIPCO-QPIC Merger

QPIC – Qurain Petrochemical Industries Company– has announced that its Board of Directors approved in its meeting on Thursday the asset valuation report and the independent investment advisor’s fairness opinion report related to the merger by amalgamation with Kuwait Projects Co. (Holding), KIPCO.

In March 2022, QPIC had announced that it reached a preliminary agreement with KIPCO to merge by amalgamation, whereby KIPCO would be the merging entity and QPIC the merged entity. The fairness opinion report includes the share swap ratio that QPIC shareholders will receive in KIPCO’s capital as a result of the merger. The completion of the merger is subject to the approvals from the Capital Markets Authority, the Ministry of Commerce and Industry, the Kuwait Competition Protection Authority as well as the shareholders through convening Extraordinary General Assemblies for the two companies.

Commenting on the announcement, Sheikh Sabah Mohammad Abdulaziz Al-Sabah, QPIC’s Vice-Chairman and Chief Executive Officer, said:

“The Board of Directors of QPIC continues to explore business opportunities that would result in further diversification of the group’s portfolio in a way that enhances its performance and maximizes shareholders’ interests. We expect the proposed merger to create a larger, more diversified and dynamic investment entity that is capable to withstand and keep pace with the different economic and global challenges that may arise in the future.”