The Board of Directors of Qurain Petrochemical Industries Company (QPIC) has approved the independent investment adviser’s asset valuation report and equity opinion on its merger with Kuwait Projects Co (Kipco).
Last March, the two companies signed an agreement to evaluate a potential merger that would create a company with a market value of $2.7 billion.
QPIC had entered into a preliminary agreement with Kipco to merge by merger, whereby Kipco would be the merging entity and QPIC the merged entity.
Share exchange rate
The equity report includes the exchange ratio of shares that QPIC shareholders will receive in Kipco’s capital following the merger. The completion of the merger is subject to the approval of the Capital Markets Authority, the Ministry of Trade and Industry, the Kuwait Competition Protection Authority as well as the shareholders by the convening of extraordinary general meetings for both companies.
Commenting on the announcement, Sheikh Sabah Mohammad Abdulaziz Al-Sabah, Vice President and Chief Executive Officer of QPIC said, “QPIC’s Board of Directors continues to explore business opportunities that would result in greater diversification. of the group’s portfolio in a way that enhances its performance and maximizes shareholder interests.
“We expect the proposed merger to create a larger, more diverse and dynamic investment entity that can withstand and keep pace with the various economic and global challenges that may arise in the future.”– TradeArabia Press Office
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