The Kuwait Projects Company (Holding) has completed the merger with Qurain Petrochemical Industries (QPIC) with the merged entity trading on Boursa Kuwait under a single ticker, KPROJ.

All QPIC shares have been transferred to KIPCO following an in-kind capital increase, KIPCO said in a statement on Wednesday.

The merged stock is trading 6% lower at 126 Kuwaiti fils ($0.4) on Boursa Kuwait shortly before noon.

KIPCO’s authorized, issued and paid-up capital now stands at 504.8 million dinars ($1.6 billion) distributed over 5.048 billion shares. The swap ratio was 2.24 KIPCO shares for every QPIC share.

KIPCO’s market capitalization is now over KWD600 million. Shareholder equity is estimated to nearly double and is subject to an accounting exercise that will be reflected in the year-end financials, it added.

The combined portfolio will further diversify revenue streams and allow for expansion into new businesses, KIPCO added.

(Writing by Brinda Darasha; editing by Daniel Luiz)