‘We remain committed to proactively managing all maturities’ says Group Treasurer

Kuwait City: KIPCO – Kuwait Projects Company (Holding) – announced that it has fully repaid the remaining portion of its seven-year KD bond due on 28 December 2024, amounting to KD 66.5 million (US$ 215 million).

KIPCO has an impeccable track record of meeting its financial commitments, underpinned by a strong financial position. The holding company has tapped into its own liquidity, including cash reserves built from selective divestments, to repay these bonds. This repayment brings KIPCO’s total bond repayments and exchange in the past two years to US$ 1.15 billion. In addition, KIPCO has fully pre-paid the US$ 525 million syndicated facility nearly one year prior to its first maturity.

Commenting on the transaction, KIPCO’s Group Treasurer, Mr Adel Al Waqayan, said:

“KIPCO’s prudent approach to liquidity and proactive liability management adds to our financial strength and efficiency in managing the company’s debt and financing portfolio. We remain committed to our strategy of proactively managing all maturities whether through capital structure realignment, selective divestments or tapping diverse pools of liquidity in loan and debt capital markets, both conventional and Sharia’a compliant.”

Kuwait Projects Company (Holding) – KIPCO – is a holding company that invests in the Middle East and North Africa. Its strategy of acquiring, building, scaling and selling companies in the MENA region has worked successfully for over 30 years.

KIPCO’s main business sectors are financial services, food, petrochemicals & oil services, media, real estate and education. It’s financial service interests include commercial banking, asset management and investment banking.

The conversion rate used is US$1 to KD 0.3082