'Move confirms KIPCO's strengths and potential' says Vice Chairman
Kuwait City, April 8th, 2009: KIPCO - the Kuwait Projects Company - announced today that Sheikh Bahaa Hariri has acquired a 5 per cent stake in the company. The holding makes Sheikh Hariri KIPCO's largest individual investor.
Commenting on the news, KIPCO's Vice Chairman, Mr Faisal Al Ayyar, said:
"We welcome Sheikh Bahaa Hariri as a major shareholder in KIPCO. His investment confirms that KIPCO's long-term strategy of building businesses in selected sectors in the MENA region is highly valued among global and regional investors. Our reputation as a company that builds and delivers shareholder value is attractive to experienced and successful investors such as Sheikh Bahaa."
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The KIPCO Group is one of the largest diversified holding companies in the Middle East and North Africa, with consolidated assets worth more than US$ 19 billion. The Group has significant ownership interests in a portfolio of 50 companies operating across 21 countries. The company's main business sectors are financial services and media. Through the subsidiaries and affiliates of its core companies, KIPCO also has interests in Real Estate, manufacturing, Healthcare and the Management Advisory sector.
Further information:
Robert Hipkins
Group Communications Director
+965 6635 6969
© Press Release 2009
