Friday 29 July 2011

KIPCO board of directors approve issuance of bonds

In an announcement on the Kuwait Stock Exchange (KSE), Kuwait Projects Company (KIPCO) reported that the Board of Directors met on Wednesday, July 27, 2011, under which the Board of Directors approved the issuance of bonds in Kuwaiti Dinars or any other currency totaling the maximum amount of company capital or its equivalent in foreign currency. The mandate of the Chairman of the Board of Directors or the Vice Chairman of the Board of Directors is necessary in determining the conditions of the issuance of those bonds, duration and value of the nominal interest rate and the date of the meeting and all other terms and conditions.

KIPCO recently mandated National Bank of Kuwait (NBK) Capital and KIPCO Asset Management (KAMCO) for a Kuwaiti dinar bond.

It is reported, however, that the proposed bond must still have to be approved by the Capital Markets Authority (CMA).


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