KIPCO updates EMTN prospectus

KIPCO has issued two tranches under this programme for €200m and $350m. The €200m note was repaid in November 2008 and the $350m note will mature in April 2011.

The programme's rating of BBB+ has recently been reaffirmed by Standard & Poor's, a leading international credit rating agency.

The updating of the prospectus provides investors in the programme with the latest information on KIPCO and its core businesses and is consistent with best international practice.

KIPCO's Vice Chairman, Mr Faisal Al Ayyar, said:

"Throughout the financial crisis we have maintained an on-going dialogue with our investors to ensure they understand our strategy and the underlying strengths of our company. This latest update of our EMTN prospectus is part of this commitment to our investor base to keep them informed. The added benefit of this approach is that by keeping the information current within our prospectus, we can raise funds through the programme as and when we need them."

Mr Al Ayyar added, "As the first corporate in the Gulf to issue an EMTN programme, we were able to diversify our funding base, enhance our financial flexibility and meet the demands of those investors from outside our region who wanted access to our stock. By maintaining our prospectus, we also maintain international standards of transparency and our leadership position within the GCC region."