Kipco Sees Qurain Deal This Year as S&P Puts It on CreditWatch - Bloomberg
Kuwait Projects Co. said it expects to complete a takeover of Qurain Petrochemical Industries Co. this year, after S&P Global Ratings said it would struggle to improve its financial position if the deal fell through.
“In parallel with the management’s efforts to secure the necessary funding to meet our obligations and maintain our financial standing, we continue to work towards successfully closing the merger with QPIC,” said Eman Al Awadhi, group senior vice president for corporate communications & investor relations at Kuwait Projects.
“With the due diligence process well underway, the merger is progressing according to the set timeline and we are confident that it will be completed before year-end,” she said in a statement.
Kuwait Projects, also known as Kipco, and Qurain Petrochemical in March signed an agreement to assess a potential combination that would create a firm with a combined market value of about $2.7 billion. Kipco is an investment firm focusing on the Middle East and North Africa.
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