PHOTO
Kuwait Projects Company (Holding) has monetised receivables worth $495 million associated with the sale of its equity in Gulf Insurance Group.
KIPCO monetised the second, third and fourth annual installments aggregating $495 million (152 million Kuwaiti dinars) associated with the sale of its 46.32% equity in Gulf Insurance Group, the investment holding company, also known as KIPCO, said on Wednesday in a regulatory filing on the Kuwait Stock Exchange, where its stock trades.
KIPCO has assigned the receivables to two banks and received the net present value in cash in exchange.
The group's liquidity represented by cash in hand and in banks will increase by approximately KWD131 million with a corresponding reduction in receivables. The additional liquidity will be used for general corporate purposes, the company said.
For nine-month 2023, KIPCO reported a net profit of KWD 11.7 million, nearly double versus the year-ago period. Its consolidated assets came to KWD 11.9 billion in the period, up 4% year-on-year.
(Writing by Brinda Darasha; editing by Seban Scaria)
(brinda.darasha@lseg.com)