Kipco allots up to KD100m to purchase assets from Kuwaiti investors

In this regard, Kipco Group has appointed Kipco Asset Management Company - Kamco - as its sole and exclusive Acquisition Advisor.

Mr. Saudoun A. Ali, CEO of Kamco stated:

"Kipco Group has remained strong and liquid throughout the global financial crisis and is now seeking opportunities to cooperate with other Kuwaiti institutions, especially those that may be struggling in the current environment and thus interested in disposing of suitable assets to a reliable and trusted partner, such as the Kipco Group. Kamco is pleased to be representing the Kipco Group in this initiative which will make available to the market new investment funding of up to KD100m."

Mr. Ali further added: "It should be made clear that while Kipco Group is willing to consider a broad range of real and financial assets, both Kuwaiti and non-Kuwaiti, Kipco Group is primarily interested in acquiring, only at a mutually acceptable price, suitable assets with long-term economic fundamentals that fit within its overall strategy. In addition, Kipco Group is willing to consider acquisitions for cash or, if all parties agree, through asset swap or by way of subscription in a capital increase. Lastly, Kipco Group has asked that all enquiries in connection with this matter should be made through Kamco in the first instance and advises any such approaches will be treated with strictest confidentiality."

He also added "the Kipco Group companies might also consider acquiring such assets in line with the sector in which they operate".

Mr. Ali also outlined some parameters that should be taken into consideration in the acquisition process, such as: the minimum value of a single investment deal should, in general, not be less than KD10m, while the targeted assets should, in general, be income-generating assets, excluding any intangible assets. Kamco will conduct an independent valuation for the targeted assets with the full right to access all related information of the selling company that owns the targeted assets and will also conduct Due Diligence.

He added: "this investment program will be in-line with the Kuwaiti Law and all regulations issued by governmental institutions".

Moreover, the mandate of Kamco will be executed through the Financial Services & Investment Division headed by Mr. Anthony H. Kyprianou and the Investment Advisory & Research Division headed by Mr. Ziad Al Qaissi.