Kuwait Projects Company’s shareholders ratify merger with Qurain Petrochemical Industries Company

Arab men in religious dress in Kuwait city. Building on the left is Kuwait stock exchange, people are unrecognizable stock brokers. It was just time to say prayers at the mosques.
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QPIC’s assets, liabilities, rights, and obligations will be transferred to KIPCO

Staff Writer, Arab Finance

September 6, 2022

PHOTO
Arab men in religious dress in Kuwait city. Building on the left is Kuwait stock exchange, people are unrecognizable stock brokers. It was just time to say prayers at the mosques.

The extraordinary general meeting (EGM) of Kuwait Projects Company (KIPCO) approved the merger with Qurain Petrochemical Industries Company (QPIC), according to a bourse statement on September 5th,

The EGM also approved a KWD 240.8 million increase in the company’s capital by issuing 2.408 billion new shares allocated to Qurain’s shareholders.

QPIC’s assets, liabilities, rights, and obligations will be transferred to KIPCO.

Moreover, KIPCO’s shareholders approved the continuation of trading of the company’s shares on Boursa Kuwait after the merger.

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