Home / KIPCO gets vote of confidence

KIPCO gets vote of confidence

Kuwait’s largest private sector company receives massive loan

One of the largest companies in Kuwait, Kuwait Projects Company (KIPCO), closed its first syndicated term loan facility at almost double its original figure. The holding company, which is the most actively traded stock in Kuwait, has more than US$10 billion under management.

The loan was oversubscribed by US$100 million. Lenders involved in the loan, fixed at the London Interbank Offer Rate plus a margin of 1.25%, are from Europe, and Asia and the Far East, as well as the Middle East.

“Demand from regional and international markets was keen and exceeded our original figure of US$60 million,” said Abdulla Yacoub Bishara, KIPCO vice chairman. “We have almost doubled the syndicated amount to US$100 million due to this demand.”

The company will use the loan to deepen KIPCO’s institutional lending base, extend the maturity profile of its liabilities, enhance the currency profile of assets, and reduce costs, said officials.

The private sector company owns United Gulf Bank, Burgan Bank, Wataniya Telecom and Showtime.

Follow us to get the most comprehensive technology news in UAE delivered fresh from our social media accounts on Facebook, Twitter, Youtube, and listen to our Weekly Podcast. Click here to sign up for our weekly newsletter on curated technology news in the Middle East and Worldwide.

REGISTER NOW | Webinar Event | Security you can bank on – Safeguarding the Middle East’s financial sector

Presented in partnership with security and network specialist Cybereason, the second in the three part webinar series will bring together a panel of experts to discuss how banks and financial institutions are evolving their service offering while simultaneously staying one step ahead of the cyber criminals who seek to bring their operations crashing to the ground.