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KAMCO: successful role as financial advisor in UIC delisting

United Industries Company KSC (Public) – UIC – announced that it has officially delisted from the Kuwait Stock Exchange (KSE), following approval from the concerned authorities.

KAMCO Investment Company KSC (Public)– KAMCO- disclosed the success of its advisory role with respect to UIC voluntarily delisting.

Sheikh Khalifa Al Abdullah Al Jaber Al Sabah, UIC Chairman, said, “This decision was taken in line with our cautious approach and the safety measures we take to protect our UIC shareholders, and based on the study conducted by our financial advisor, KAMCO.

He added that this decision will not impact the transparency approach with UIC’s shareholders. Moreover, UIC will continue to hold its annual “Shafafiyah” Investors’ Forum which is held by KIPCO Group companies in the interest of transparency.

The chairman pointed that UIC’s stock turnover rate was around 9.9% in 2013 (stock turnover rate from the beginning of this year till 25 December 2014 was around 13.4%). Further to that, stock value in the KSE declined in 2012 and 2013. This, he said, was not in the interest of the company or its shareholders, considering that the book value per share is greater than its market value.

KAMCO’s advisory was strongly backed by the various reports and studies conducted by KAMCO’s skilled research team which reflected the continuous fluctuations in the local and regional markets in the past years as well as the hesitant economic environment worldwide.

Sheikh Khalifa A. Al Sabah expressed his gratitude to KAMCO’s team for their professional role as the financial advisor in UIC’s delisting from the KSE. He also thanked the Capital Markets Authority, Kuwait Stock Exchange, Kuwait Clearing Company and the shareholders for their support in making this a successful and smooth process.

UIC was established in 1979 and listed on the KSE in 1997. The company’s core activities lie within the investment and establishment of industrial companies and others that complete its operational activities. The company invests in the local and regional industrial sector and holds a diverse investment portfolio that focuses on the energy, food, and basic material industries sectors. UIC’s capital is KD 49.5 million as at 30 September 2014.