19 Sep 2010
(MENAFN) Kuwait Projects Co (Kipco), the country’s biggest investment company by assets, said it was in talks with an outside party to establish a strategic partnership in the insurance sector, Reuters reported.
Kipco owns a 70 percent stake in Gulf Insurance, according to bourse data.
Separately, Kipco’s vice chairman Faisal Al-Ayyar told Kuwaiti daily newspaper Al-Qabas in an interview published on Sunday that the firm’s commercial banking arm, Burgan Bank is eyeing at least $300 million from a bond issue.
Kipco, the country’s biggest investment firm, launched a $500 million bond issue in July with a 10-year tenor and a yield of 9.5 percent, and was oversubscribed by almost four times.
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