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Kuwait Projects Company (Holding) has obtained the Capital Markets Authority's approval on the prospectus to issue and market bonds denominated in Kuwaiti dinar in two tranches (fixed and floating), with a maturity of six years from the issuance date.
The proceeds will be used for general corporate purposes, the company, also known as KIPCO, said on Thursday in a regulatory filing on the Kuwait Stock Exchange, where its stock trades.
Kamco Investment Company and Gulf Bank K.S.C.P. will act as the joint lead managers and subscription agents for the issuance.
The company did not disclose the value or timetable for the issuance.
KIPCO's board of directors has already approved the issuance last month, the investment company added.
KIPCO posted a net profit of KWD 0.5 million ($1.6 million) for the third quarter of 2022, down from KWD 23.9 million in the year ago period. Earnings per share came in at 1 fils.
(Writing by Brinda Darasha; editing by Cleofe Maceda)
