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SAIB reports $139 million Q1 net profit

its assets increased by 20.08 percent to $43.65bn.

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KIPCO sells its stake in GIG

Founded in 1975 and listed on the Kuwait Stock Exchange in 1984, KIPCO has an authorized capital of around $1.5 billion.
  • The purchase price was set at KD two per share, with an adjustment of 54 fils per share to account for the cash distributions GIG made in 2022
  • The sale of KIPCO's stake in GIG is seen as a testament to the company's effective strategy of acquiring, expanding, and then timely exiting companies

Kuwait, City – Kuwait Projects Company (KIPCO) has officially completed the sale of its 46.3% stake in Gulf Insurance Group (GIG) to Fairfax Financial Holdings. The deal is valued at 256 million Kuwaiti Dinars ($832 million).

During a recent press conference, KIPCO revealed that the transaction resulted in a net profit of KD 73 million, ($237 million). The purchase price was set at KD two per share, with an adjustment of 54 fils per share to account for the cash distributions GIG made in 2022.

Sheikha Dana Nasser Al-Sabah, the CEO of KIPCO, highlighted the strategic significance of this deal. She stated that the successful completion of this transformational merger has not only expanded KIPCO’s investment portfolio but also underscored the company’s adeptness in growing and then strategically exiting investments. This approach, she noted, is aimed at maximizing financial returns and enhancing shareholder value.

The sale of KIPCO’s stake in GIG is seen as a testament to the company’s strategy of acquiring, expanding, and then timely exiting companies based on lucrative financial returns. This strategy has been central to KIPCO’s operations and growth trajectory.

Founded in 1975 and listed on the Kuwait Stock Exchange in 1984, KIPCO has an authorized capital of 504 million dinars ($1.5 billion). The company’s business model focuses on owning shares in both Kuwaiti and foreign companies, participating in their establishment, management, and providing financial support and guarantees.