'Recognition of our strategy' says Group COO
Kuwait City, 21st June, 2010: KIPCO - the Kuwait Projects Company - has become the first corporate in Kuwait to be the subject of credit research by Standard Chartered Bank. The report highlights KIPCO's transparency, low leverage and good liquidity.
In its report, Standard Chartered stated: 'KIPCO...has been reorganizing its structure over the last two years, which has entailed transfers of assets across subsidiaries. However, its disclosure and transparency are head and shoulders above those of other companies in the region.'
The report also noted: 'Kuwait's investment companies have experienced significant turmoil over the last two years, including a number of defaults. KIPCO has successfully navigated this difficult period.'
Mr Samer Khanachet, KIPCO's Group Chief Operating Officer, said the report's conclusions were recognition of KIPCO's successful business strategy and of its commitment to an on-going dialogue with the global investment community:
"KIPCO is committed to developing and applying best practice across the board. Standard Chartered's acknowledgment of our efforts is a testament to the way we do business. We also see the report's findings as recognition that our strategy of financial prudence, strong management and investor transparency is understood and appreciated by the world's financial community. Our commitment and adherence to this strategy has allowed us to maintain our leadership position and rise above the problems affecting other companies in the region. We take our role as the region's premier holding company very seriously and will continue to deliver results and to maintain our dialogue with investors, partners and shareholders."
-Ends-
The KIPCO Group is one of the biggest diversified holding companies in the Middle East and North Africa, with consolidated assets of US$ 18.7 billion. The Group has significant ownership interests in a portfolio of over 60 companies operating across 26 countries. It's main sector focus is financial services, insurance and media. Through the subsidiaries and affiliates of its core companies, KIPCO has interests in the real estate, manufacturing, aviation, education and management advisory sectors.
Further information:
Standard Chartered:
Victor Lohle
Senior Credit Analyst
T: +65 6427 5051
Victor.Lohle@sc.com
KIPCO:
Robert Hipkins
Group Communications Director
T: +965 2245 4286
M: +965 6635 6969
rhipkins@kipco.com
Saad Al Ali
Group Marketing and PR Director
T: +965 2244 0853
M:+965 9958 0440
saad.mohammad@kipco.com
© Press Release 2010
